UBS Prices American Commercial Lines Bonds at 9.5%

As yet another startling example of the excessive amount of liquidity currently splashing around in the high yield bond market, formerly bankrupt American Commercial Lines (NASDAQ: AMCOV.PK) priced $200 million of bonds at 9.5% last Wednesday. Initial “price talk” for the deal was 9-5/8-9-7/8, but demand was so strong (6x oversubscribed) that the B3/B- rated transaction priced at 9.5%. Sole bookrunner on the deal was UBS (who also provided the company with its credit facility) and Bank of America served as co-manager.

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