Trailer Bridge Repurchases $1 Million of the Company’s Outstanding Bonds
JACKSONVILLE, Fla.-(Business Wire)-September 1, 2009 - Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) today announced that it has repurchased in a privately negotiated transaction $1 million of its 9 1/4% Senior Secured Notes maturing on November 15, 2011, at $0.905 cents on the dollar.
The transaction will be accounted for as a $1 million retirement of debt. The $95,000 difference between the retirement price and the carrying amount will be recorded as an ordinary gain on extinguishment of debt.
Trailer Bridge’s recently appointed Chief Executive Officer Ivy Barton Suter stated, "We believe that this opportunistic purchase of debt at this level represents an attractive return on capital for our shareholders while simultaneously improving our financial position."
About Trailer Bridge
Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico and Dominican Republic, bringing efficiency, service, security and environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville, San Juan and Puerto Plata. Additional information on Trailer Bridge is available at the www.trailerbridge.com website.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to the future operating performance of the Company and its asset utilization. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Without limitation, these risks and uncertainties include the risks of economic recessions, the risk of an ongoing Department of Justice investigation into the pricing practices in the Puerto Rico trade, the outcome of related class action lawsuits, severe weather, changes in the price of fuel, changes in demand for transportation services offered by the Company, capacity conditions in the Puerto Rico trade lane and changes in rate levels for transportation services offered by the Company.
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