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January 9, 2004
K-Sea starts trading on NYSE
K-Sea Transportation Partners L.P. (NYSE: KSP) announced today that it has priced its initial public offering of 3,625,000 common units at $23.50 per unit. The underwriters have a 30-day option to purchase up to 540,000 additional common units at the same price to cover over-allotments, if any.
K-Sea Transportation Partners provides refined petroleum product marine transportation, distribution and logistics services in the northeastern United States and the Gulf of Mexico. The common units started trading today on the New York Stock Exchange under the symbol KSP. The initial public offering is being led by Lehman Brothers and UBS Investment Bank and co-managed by McDonald Investments Inc., Raymond James and Jefferies & Company, Inc.
The initial public offering (excluding the over-allotment units) represents a 42.6% limited partner interest in the partnership. The 2% general partner interest and the remaining 55.4% limited partner interest are being retained by affiliates of Jefferies Capital Partners and management of the partnership.
K-Sea has roots that date back to 1910 when Carl Eric Eklof and his son Howard began buying and selling used rope from a rowboat in New York Harbor. That developed into the Eklof Marine Corporation.
In 1999 the name and ownership of Eklof Marine Corp. was changed to K-Sea Transportation Corp. while keeping the shore side and vessel personnel virtually intact. In December of that year, K-Sea Transportation Corp. successfully bid for and took possession of the Northeast portion of the Maritrans fleet.