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Horizon Lines Reduces Debt By $38.1 Million

January 15, 2010 (FinancialWire) — Horizon Lines, Inc. (NYSE: HRZ) said that it reduced funded debt by $38.1 million during the fourth quarter and completed its fiscal year with $28.0 million less in funded debt than a year ago.  

The company said it achieved stronger-than-projected free cash flow during the fourth quarter ended December 20, 2009. Cash was deployed to voluntarily pay down $35.0 million on a revolving credit facility and $1.5 million on a crane loan, as well as for a $1.6 million scheduled term-loan amortization payment. Horizon’s fourth-quarter voluntary payments followed voluntary payments of $10.0 million in the third quarter and $5.0 million in the second quarter. At December 20, 2009, funded debt totaled $542.5 million, compared with $570.5 a year earlier.

As is typical for Horizon Lines, it borrowed against its revolver in the first quarter of 2010 to fund vessel lease payments and for seasonal working capital needs. Typically, the company uses cash flow generated in the second half of the year to repay the borrowings and further reduce debt.

Horizon Lines is a domestic ocean shipping and integrated logistics company comprised of Horizon Lines, which 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 firm’s Horizon Logistics unit offers customized logistics solutions to shippers from a suite of transportation and distribution management services.

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