Horizon Lines said Wednesday that it has entered into an agreement to purchase the three ships it operates in its service between Tacoma, Wash., and three ports in Alaska—Anchorage, Kodiak, and Dutch Harbor.
Horizon said a newly formed subsidiary, Horizon Lines Alaska Vessels, LLC, acquired the three 1987-built ships—the Hawaii Anchorage, Horizon Kodiak and Horizon Tacoma--
for about $91.8 million. The ships each have capacity of 1,668 TEUs and had been on charters that were due to expire in January 2015, according to a prospectus that had been issued last year during the company's financial restructuring.
Horizon said financing for the acquisition, and associated fees and expenses, was arranged via two separate term loans totaling about $95.8 million at a weighted average interest rate of 9.8 percent, and both maturing on Sept. 30, 2016. - Chris Dupin