Posted on: Thursday, March 3, 2005
Horizon plans $287.5 million IPO
Advertiser News Services
WASHINGTON — Horizon Lines Inc., a container shipping and logistics company, yesterday said it will go public in an initial public offering valued at up to $287.5 million.
Advertiser library photo Shares of Alexander & Baldwin, which got 56 percent of its operating profit from ocean shipping in 2004, rose 31 percent in the past year.
Details about the number of Horizon shares offered and estimated price range for the IPO weren't disclosed in the company's filing with the Securities and Exchange Commission.
Horizon Lines, based in Charlotte, N.C., said it will use $131.5 million of the proceeds from the IPO to redeem preferred stock and to pay a special dividend.
For the 12 months ended Dec. 26, 2004, Horizon Lines reported net income of $6.8 million and operating revenue of $980.3 million, the filing said.
The company's shares are expected to list on the New York Stock Exchange under the symbol "HRZ."
Horizon Lines maintains a fleet of 16 vessels and nearly 22,000 cargo containers.
The Carlyle Group, a private equity firm based in Washington, D.C., bought the company from CSX Corp. of Jacksonville, Fla., in 2003 for $300 million. Carlyle later sold Horizon to Castle Harlan for $650 million.
Horizon, which is controlled by buyout firm Castle Harlan Inc., competes with Alexander & Baldwin Inc.'s Matson Navigation unit between the West Coast and Hawai'i.
Horizon Lines maintains a fleet of 16 vessels and nearly 22,000 cargo containers. The company said it will use $131.5 million of the proceeds from its IPO to redeem preferred stock and pay a special dividend.
