What Are We Missing? – Horizon Lines’ Recapitalization

Without a doubt, Horizon Lines was in difficult straits. With refinancing risk related to the $330 million of its 4.25% convertible senior notes (“Convertible Notes”) and bank debt, both due in 2012, poor financial performance, anti-trust issues and potential de-listing, the company was fighting fires on all fronts. But after much travail, the company announced that it had reached an agreement with the Convertible Note holders for a complete refinancing of the company’s entire capital structure, eliminating the re-financing risk, while hopefully putting the company on sounder footing going forward.

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