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Mon 13 Sep 2010, 09:31 GMT

Barge operator closes direct equity investment


US firm closes first portion of $100 million investement.

K-Sea Transportation Partners L.P. has announced that it has closed the first portion of its recently announced agreement with KA First Reserve, LLC to invest up to $100 million in cash for approximately 18.4 million convertible preferred units.

The US firm completed the sale of 15.7 million convertible preferred units to KA First Reserve in exchange for $85 million in cash on Friday 10th September.

The remaining $15 million investment is expected to close following clearance of the Hart-Scott-Rodino review period.

Additionally, the amendment to the revolving credit facility and other debt and lease agreements became effective on Friday upon the closing of the $85 million investment.

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