By Sheri Kasprzak
Atlanta, June 1 - K-Sea Transportation Partners LP has wrapped a private placement for $16 million.
The company sold 500,000 units at $32.00 each to Tortoise Energy Infrastructure Corp.
Based in New York, K-Sea provides marine transportation, services and logistics for petroleum products. The proceeds will be used to repay debt incurred under a revolving credit facility from December 2004 and to expand its fleet over the next nine months.
| Issuer: | K-Sea Transportation Partners LP
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| Issue: | Units
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| Amount: | $16 million
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| Units: | 500,000
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| Price: | $32.00
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| Warrants: | No
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| Investor: | Tortoise Energy Infrastructure Corp.
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| Settlement date: | June 1
|
| Stock price: | $33.25 at close June 1
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