August 7, 2009
K-Sea prices public offering
Tug and tank barge specialist K-Sea Transportation Partners L.P. (NYSE: KSP) has priced a public offering of 2.9 million common units representing limited partner interests at a price to the public of $19.15 per common unit. The offering is scheduled to close on August 12, 2009. K-Sea Transportation Partners has also granted the underwriters a 30-day option to purchase up to an additional 435,000 common units to cover over-allotments, if any. The net proceeds of the offering are expected to be used to repay indebtedness and make construction progress payments in connection with its vessel newbuilding program.
BofA Merrill Lynch and Wells Fargo Securities will act as joint book-running managers for the offering. RBC Capital Markets and UBS Investment Bank are acting as co-lead managers, and DnB NOR Markets, KeyBanc Capital Markets and Stifel Nicolaus are acting as co-managers for the offering.