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Tue 19 Aug 2008 08:21

K-Sea announces public offering


Barge operator to hold public offering of 2 million units.

Barge operator K-Sea Transportation Partners LP has announced that it will be holding a public offering of 2 million common units.

The company has also given underwriters the option to purchase up to an additional 300,000 common units.

The net proceeds of the offering, after deducting underwriting discounts and commissions, will be used to repay debts and make construction progress payments in connection with K-Sea's vessel newbuilding program.

Lehman Brothers Inc. is serving as sole book-running manager and RBC Capital Markets is serving as co-lead manager for the offering.

K-Sea Transportation Partners is one of the largest coastwise tank barge operators in the United States. The company provides refined petroleum products transportation, distribution and logistics services in the U.S. domestic marine transportation market.

From locations in New York, Philadelphia, Norfolk, Seattle and Honolulu, K-Sea operates a large fleet of tugs and tank barges that serves a wide range of customers, including major oil companies, oil traders and refiners.

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