K-Sea Transportation Partners L.P. announced Friday that K-Sea Operating Partnership L.P., a wholly owned subsidiary of the Partnership, has entered into an amendment (the “Amendment”) to its revolving credit agreement (the “Revolving Credit Agreement”) and modified or obtained consents under other debt obligations and operating leases in a manner consistent with the Amendment.

The Amendment reduces the lenders’ commitments from $200 million to
$175 million (subject to a maximum borrowing base equal to 75% of the
orderly liquidation value of the vessel collateral); eliminates the
feature of the Revolving Credit Agreement whereby the borrower could
request an increase in the total commitments by up to $50 million;
increases the interest rate margins by 205 to 275 basis points tied to
certain financial ratios; reduces the fixed charge coverage ratio to
1.50 from 1.85, effective March 31, 2010; increases the required ratio
of total debt to EBITDA from 3.75 to 1.00 to 4.50 to 1.00, effective
immediately, to 5.00 to 1.00 at March 31, 2010 and stepping back down
to 4.50 to 1.00 at September 30, 2010 and thereafter; changes the
covenant requiring minimum asset coverage to total debt of 1.333 times
orderly liquidation value, as compared to the previous requirement of
1.25 times fair market value; allows the Partnership to pay quarterly
distributions up to a maximum of $0.45 per unit, so long as the
Partnership maintains a minimum liquidity of $17.5 million; and changes
the maturity of the facility to July 1, 2012 from August 14, 2014.

The operating partnership also amended a secured term loan facility to
conform to the terms of the Revolving Credit Agreement, and amended
another term loan facility and an operating lease agreement. The
Partnership’s Current Report on Form 8-K that was filed today with the
Securities and Exchange Commission contains a summary of the Amendment.

President and CEO Timothy J. Casey said, “We are pleased that we and
our lenders have reached these agreements in an efficient and effective
manner. As recently announced, we are holding our quarterly conference
call on January 28th at 8:30 a.m. Eastern time (Dial-in # 866-761-0749,
Participant Passcode # 49048499) and invite investors to participate.”

K-Sea Transportation Partners is one of the largest coastwise tank
barge operators in the United States. The Partnership provides refined
petroleum products transportation, distribution and logistics services
in the U.S. domestic marine transportation market, and its common units
trade on the New York Stock Exchange under the symbol KSP.

Source: K-Sea Transportation Partners L.P.

Search to find what you want

• Cosco agrees to change new construction contracts with ATP Oil Gas

    The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that COSCO (Nantong) Shipyard Co., Ltd. (“COSCO Nantong”), a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has, following a request from an American buyer, ATP Oil & Gas (UK) Limited (the “Buyer”),

• Teekay LNG Partners Announces Public Offering of 3,500,000 Common Units

    Teekay LNG Partners L.P. announced yesterday that it plans to offer 3,500,000 common units representing limited partner interests in a public offering

• Overseas Shipholding Group Announces Successful Consummation of Tender Offer

    Overseas Shipholding Group, Inc., a market leader in providing energy transportation services, yesterday announced that as of 5:00 p.m., NYC time, on December 16, 2009, approximately 267,419 common units (the “Units”) of OSG America L.P. (“OSG America” or the “Partnership”; NYSE: OSP), were validly tendered and accepted for purchase in

• Teekay Offshore Partners Signs $ 260 million Petrojarl Varg FPSO Facility

    Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) announced yesterday that it has signed a $260 million revolving credit facility secured by the Petrojarl Varg Floating Production Storage and Offloading unit (Petrojarl Varg FPSO) which was recently acquired from Teekay Corporation (Teekay) .

• Drydocks World-Dubai and BP Alliance Renew Partnership Agreement

     Drydocks World – Dubai, the flagship ship repair, conversion and new building yard of Drydocks World, has renewed its long-standing association with BP Shipping with the signing of a new Alliance Agreement. According to the Agreement, signed by Nawal Saigal,… Read at Drydocks World-Dubai and BP renew Alliance Agreement partnership

• ATP Credit Facility Amendment provides for additional flexibility

    ATP Oil & Gas Corporation yesterday announced that it has added flexibility to its Term Loans by widening its covenants for the reporting periods from December 31, 2009 through December 31, 2010. T. Paul Bulmahn, ATP’s Chairman and CEO said, “Since 2008, the world has experienced a severe recession

• Eagle Bulk Shipping Inc. Reports Second Quarter 2009 Results

     Eagle Bulk Shipping Inc. yesterday announced its results for the second quarter of 2009. Subsequent to the end of the second quarter, Eagle Bulk successfully amended its revolving credit facility on terms that will provide the Company with enhanced financial flexibility. Under this amendment, the collateral covenants which were based

• Capital Product Partners LP Announces Pricing of Common Units 5800000

    Capital Product Partners L.P. (the Partnership) announced yesterday that it has priced its public offering of 5,800,000 common units representing limited partnership interests at a public offering price of $8.85 per common unit

• EOC signs cooperation agreement with PetroVietnam Transportation

    EOC has signed a co-operative agreement with PetroVietnam Transportation, a subsidiary of the national oil and gas group in Vietnam, PetroVietnam, to incorporate a joint venture which will be equally owned through their respective subsidiaries.

• Seeing Growth Panama Canal, Port Manatee Add Container

    The Manatee Port Authority approved the purchase of Port Manatee’s second mobile harbor container crane. The $4 million crane boosts the port’s container-handling ability and will facilitate adding more containerized services, a release said. The second crane will play a vital role in preparations for increased shipping expected from the

• Cory Announces New Partnership in Brazil

    Cory Brothers Shipping Agency, is delighted to announce a partnership agreement with Unimar Agenciamentos Mar?timos Ltda of Brazil. The new agreement commences on the 26th February 2010 and is a step forward to further strengthen and develop the global Cory brand. Headquartered in Santos, Unimar are heavily involved in Oil,

• NAFTA partners in trade from the month of June

    Trade using surface transportation between the United States and its North American Free Trade Agreement (NAFTA) partners Canada and Mexico was 31.5 percent lower in June 2009 than in June 2008, dropping to $50.8 billion in the sixth consecutive month with a year-to-year decline of greater than 27 percent, according to

• Teekay Offshore Partners LP Declares Distribution

    Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P., has declared a cash distribution of $0.45 per unit for the quarter ended September 30, 2009. The cash distribution is payable on November 13, 2009 to all unitholders of record on October 27, 2009. Teekay Offshore Partners L.P.,

• Gazprom, PetroVietnam sign joint venture agreement

    Russian energy giant Gazprom and Vietnam’s oil and gas group Petrovietnam signed on Tuesday an agreement on establishing a joint venture.

• Trade between the NAFTA partners decreases strongly in May

     Trade using surface transportation between the United States and its North American Free Trade Agreement (NAFTA) partners Canada and Mexico was 35.4 percent lower in May 2009 than in May 2008, the biggest decline from the same month of the previous year on record, according to the Bureau of Transportation Statistics