Kirby lifts revolver borrowing cap to $325 million for asset purchase

By Susanna Moon

Chicago, Sept. 6 - Kirby Corp. lifted the borrowing limit under its revolving credit facility to $325 million from $250 million to finance the acquisition of some assets for $116 million in cash.

Kirby secured the increase from the commercial banks on Aug. 30, according to a filing with the Securities and Exchange Commission.

The company said it entered into an asset purchase agreement on Sept. 4 with Allied Marine Industries, Inc., Allied Transportation Co., Transerve Marine, Inc. and Osprey Associates.

Kirby, based in Houston, operates inland tank barges and towing vessels to transport petrochemical products.

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