K-Sea Transportation Partners LP completed its agreement with KA First Reserve LLC. K-Sea Transportation sold 2.8 million more convertible preferred units for $15 million. The transactions raised $100 million in exchange for a total of 18.4 million convertible preferred units. KA First Reserve is a partnership between First Reserve and Kayne Anderson Capital Advisors that previously agreed to invest $100 million in K-Sea Transportation Partners L.P. in exchange for the 18.4 million units.
K-Sea Transportation Partners L.P. (NYSE: KSP) today announced it has closed the second portion of its recently announced agreement with KA First Reserve, LLC by selling an additional 2.8 million convertible preferred units for $15 million in cash. The transactions raised $100 million in exchange for a total of 18.4 million convertible preferred units.
About K-Sea Transportation Partners
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, and its common units trade on the New York Stock Exchange under the symbol KSP. For additional information, please visit the Company’s website, including the Investor Relations section, at www.k-sea.com.