Kirby upsizes borrowing limit under five-year revolver to $550 million

By Susanna Moon

Chicago, May 5 – Kirby Corp. upsized the borrowing limit under its five-year revolving credit facility to $550 million from $325 million, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans is Libor plus 112.5 basis points, based on the company’s credit rating. The spread over Libor ranges from 100 bps to 187.5 bps. The fee ranges from 10 bps to 30 bps.

The credit agreement matures April 30, 2020.

In addition, the agreement allows for a $300 million bump up in revolving credit loan or term loan commitments with lender consents.

Proceeds were used to refinance the outstanding debt under Kirby’s previous revolving credit agreement and term loan agreement and also may be used for general corporate purposes, including acquisitions.

As of April 30, Kirby had outstanding borrowings under the facility of $317,331,000.

The company entered into the credit agreement on April 30 with J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities, LLC as joint bookrunners and co-lead arrangers.

JPMorgan Chase Bank, NA is the administrative agent. Bank of America, NA and Wells Fargo Bank, NA are the syndication agents. Bank of Tokyo-Mitsubishi UFJ, Ltd., Branch Banking and Trust Co. and Royal Bank of Canada are the documentation agents.

Kirby is a Houston-based operator of inland tank barges and towing vessels to transport petrochemical products.

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