Kirby to fund barge fleet purchase with revolving facility borrowings

By Tali Rackner

Norfolk, Va., March 8 – Kirby Corp. plans to use funds available under its revolving credit facility to finance its $88 million purchase of the inland tank barge fleet of Seacor Holdings Inc., according to a press release.

The asset purchase will consist of 27 inland 30,000 barrel tank barges and 13 inland towboats, plus one 30,000 barrel tank barge and one towboat currently under construction. Also, as part of the agreement, Kirby will transfer to Seacor the ownership of one Florida-based ship docking tugboat.

Kirby is a Houston-based operator of inland tank barges and towing vessels to transport petrochemical products. Seacor is an offshore oil, gas and marine equipment company based in Fort Lauderdale, Fla.

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