American Commercial Lines, a provider of dry and liquid cargo barge transportation and a manufacturer of barges, priced 8.3 million shares at $21, the high end of its proposed $19-$21 range. Over the past two years, the Jeffersonville, IN-based company rolled out a number of cost-cutting initiatives, including slashing headcount and reducing the size of its massive barge fleet. As a result, the company emerged from Chapter 11 in January 2005 and brought in a new management team known for their lean manufacturing philosophy from truck trailer manufacturer Wabash. Merrill Lynch and UBS Investment Bank were the lead underwriters on the deal. Expect the stock to begin trading today on the Nasdaq under the symbol "ACLI."
