Kirby uses additional borrowings to finance barge fleet purchase

By Sarah Lizee

Olympia, Wash., April 2 – Kirby Corp. used additional borrowings to pay for its roughly $278 million acquisition of Savage Inland Marine’s inland barge fleet, according to a press release.

According to a February investor presentation, as of Dec. 31, the company had $375 million outstanding under its $500 million five-year term loan and an undrawn $850 million revolver due March 27, 2024.

The term loan bears interest at Libor plus 112.5 basis points.

Kirby is a Houston-based tank barge operator transporting bulk liquid products.

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