In the news release, Horizon Lines Extends Exchange Offer,
issued Sept. 26, 2011 by Horizon
Lines, Inc. over PR Newswire, we are advised by the company that
the expiration time in the subheadline and first sentence should
read "5:00 p.m." rather than
"11:59 p.m." as originally issued
inadvertently. The complete, corrected release follows:
Horizon Lines Extends Exchange Offer Previously Announced Exchange
Offer and Consent Solicitation Has Been Extended to
September 27, 2011, at
5:00 p.m. New York City Time 99.3% of Notes
Tendered to Date
CHARLOTTE, N.C., Sept. 26, 2011 /PRNewswire/ -- Horizon Lines,
Inc. (NYSE: HRZ) today announced that it has extended the
expiration date for its previously announced exchange offer and
consent solicitation until 5:00 p.m.,
New York City time, on
September 27, 2011, unless further
extended. As part of the exchange offer, the company is also
seeking consents from all holders of the 4.25% Convertible Senior
Notes due 2012 (the "2012 convertible notes) to remove
substantially all of the restrictive covenants and certain events
of default from the indenture governing the 2012 convertible
notes.
The exchange offer and consent solicitation had been scheduled
to expire at 11:59 p.m., New York City time, on September 23, 2011. As of the initial
expiration date on September 23,
2011, 99.3% of the $330.0
million aggregate principal amount of the 2012 convertible
notes had been tendered into the exchange offer and consent
solicitation.
The company and its advisors continue to work with the financial
and legal advisors to the informal committee of noteholders to
finalize the documentation and terms of the recapitalization plan,
of which the exchange offer and consent solicitation are an
integral part. The company intends to complete the exchange
offer of the existing 2012 convertible notes by the end of
September, at which time it expects to close the entire
refinancing.
Important Information About the Exchange Offer
This press release is for informational purposes only and is not
an offer to buy or the solicitation of an offer to sell any
security. The exchange offer is only being made by means of a
prospectus, a letter of transmittal and other offer documents, as
described below.
In connection with the exchange offer by Horizon Lines, Inc.,
the company previously filed a Registration Statement on Form S-4
(which contains a preliminary prospectus), amendments to the
Registration Statement, an exchange offer statement on Schedule TO,
as amended, and other related documents and materials with the SEC.
Investors and security holders are strongly urged to
carefully review the Registration Statement, amendments to the
Registration Statement, the preliminary prospectus, the exchange
offer statement, the amendments to the exchange offer statement and
the other related documents and materials filed with the SEC,
including the final prospectus described below, when available, as
well as any amendments and supplements thereto, because they will
contain important information about the company, the exchange offer
and related transactions and are the sole means by which any offer
to exchange or sell, or any solicitation of any such offers, will
be made.
The preliminary prospectus, the prospectus supplements and
related transmittal materials have been delivered to holders of the
2012 convertible notes. Investors and security holders may
obtain a free copy of the registration statement, amendments to the
registration statement, preliminary prospectus, the prospectus
supplements and transmittal materials, as well as other documents
filed by the company with the SEC, at the SEC's website,
www.sec.gov. Prior to the completion of the exchange offer,
the registration statement must become effective under the
securities laws, and after effectiveness, the company will file a
final prospectus with the SEC. Investors and security holders
are strongly urged to carefully review the final prospectus when it
is available. Copies of the exchange offer documents and
other filed documents will be available for free at the company's
website, www.horizonlines.com, or by making a request to Horizon
Lines, Inc., 4064 Colony Road, Suite 200, Charlotte, North Carolina 28211, (704)
973-7000, Attention: Jim Storey,
Director, Investor Relations & Corporate Communications.
About Horizon Lines
Horizon Lines, Inc. is the nation's leading domestic ocean
shipping and integrated logistics company. The company owns or
leases a fleet of 20 U.S.-flag containerships and operates five
port terminals linking the continental United States with Alaska, Hawaii, Guam,
Micronesia and Puerto Rico. The company provides express
trans-Pacific service between the U.S. West Coast and the ports of
Ningbo and Shanghai in China, manages a domestic and overseas service
partner network and provides integrated, reliable and cost
competitive logistics solutions. Horizon Lines, Inc., is based in
Charlotte, NC, and trades on the
New York Stock Exchange under the ticker symbol HRZ.
Forward Looking Statements
The information contained in this press release should be read
in conjunction with our filings made with the Securities and
Exchange Commission. This press release contains
"forward-looking statements" within the meaning of the federal
securities laws. Forward-looking statements are those that do
not relate solely to historical fact. They include, but are
not limited to, any statement that may predict, forecast, indicate
or imply future results, performance, achievements or events.
Words such as, but not limited to, "will," "intend,"
"expect," "would," "could," "must," "may," and similar expressions
or phrases identify forward-looking statements.
Factors that may cause expected results or anticipated events or
circumstances discussed in this press release to not occur or to
differ from expected results include: the ability of the parties to
agree on the final terms of the refinancing; our ability to close
on the refinancing; our ability to satisfy other conditions of the
refinancing, including satisfaction of any remaining diligence
requests; the ability of the investors to fund the refinancing;
general conditions in the capital markets; general economic
conditions; our ability to maintain adequate liquidity to operate
our business; volatility in fuel prices and in freight rates;
decreases in shipping volumes; our ability to remain Jones Act
compliant because of changes in ownership; or our ability to
continue as a going concern.
All forward-looking statements involve risk and uncertainties.
In light of these risks and uncertainties, expected results
or other anticipated events or circumstances discussed in this
press release might not occur. The forward-looking statements
included in the press release are made only as of the date they are
made and the company undertakes no obligation to update any such
statements, except as otherwise required by applicable law.
See the section entitled "Risk Factors" in our Form 10-K
filed with the SEC on March 28, 2011,
for a more complete discussion of these risks and uncertainties and
for other risks and uncertainties. Those factors and the
other risk factors described therein are not necessarily all of the
important factors that could cause actual results or developments
to differ materially from those expressed in any of our
forward-looking statements. Other unknown or unpredictable
factors also could harm our results. Consequently, there can
be no assurance that actual results or developments anticipated by
us will be realized or, even if substantially realized, that they
will have the expected consequences.
SOURCE Horizon Lines, Inc.