August 15, 2008
K-Sea plans to raise $50 million
K-Sea Transportation Partners L.P. (NYSE: KSP) today announced that it has priced a public offering of 2,000,000 common units representing limited partner interests. The underwriters have been granted an 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 indebtedness and make construction progress payments in connection with K-Sea's vessel newbuilding program.
According to an SEC filing, K-Sea hopes to raise $50 million from the offering.
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 currently operates 74 tank barges and 66 tugboats. With approximately 4.4 million barrels of carrying capacity, it believes this is the largest coastwise tank barge fleet in the United States.