By Cristal Cody
Tupelo, Miss., Feb. 7 – Kirby Corp. priced $500 million of 4.2% 10-year senior notes (Baa2/BBB+) on Wednesday at a spread of 137.5 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.859 to yield 4.217%.
Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to fund Kirby's acquisition of Higman Marine, Inc. and for general corporate purposes, including working capital, debt repayment and other acquisitions.
Kirby is a Houston-based operator of inland tank barges and towing vessels to transport petrochemical products.
| Issuer: | Kirby Corp.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | March 1, 2028
|
| Bookrunners: | Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
|
| Co-managers: | J.P. Morgan Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments, Inc., BB&T Capital Markets and BOK Financial Securities, Inc.
|
| Coupon: | 4.2%
|
| Price: | 99.859
|
| Yield: | 4.217%
|
| Spread: | Treasuries plus 137.5 bps
|
| Call features: | Make-whole call at greater of par and Treasuries plus 25 bps before Dec. 1, 2027; thereafter at par
|
| Trade date: | Feb. 7
|
| Settlement date: | Feb. 12
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
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