K-Sea to repay some bank debt with common units proceeds

By Sara Rosenberg

New York, Sept. 20 - K-Sea Transportation Partners LP plans on repaying some bank borrowings using proceeds from a proposed offering of 3 million common units, according to a 424B5 filed with the Securities and Exchange Commission Thursday.

Specifically, the company plans to repay all of its about $60 million bridge loan, repay all of the about $45 million of borrowings under its 364-day senior secured revolver and repay $14.2 million of borrowings under its $175 million secured revolver.

Proceeds from any exercise of the underwriters' over-allotment option will be used to repay additional debt under its $175 million revolver.

K-Sea is an East Brunswick, N.J.-based provider of refined petroleum products marine transportation, and distribution and logistics services.

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