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Commercial Barge Line plans $350 million asset-based revolver
By Sara Rosenberg
New York, June 24 - Commercial Barge Line Co. is working on getting a new $350 million four-year senior secured first-lien asset-based revolving credit facility, according to a market source.
Bank of America, UBS, SunTrust and Wachovia are the lead banks on the deal.
Proceeds from the revolver, along with proceeds from a $200 million senior secured second-lien notes offering, will be used to refinance the company's existing credit facility and for general corporate purposes.
Market talk is that the revolver is being guided at Libor plus 400 basis points with no floor, the source said, adding that he thinks the loan is "under priced except for the bond economics."
Commercial Barge Line is a subsidiary of American Commercial Lines Inc., a Jeffersonville, Ind.-based marine transportation and service company.
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