K-Sea Transportation Partners L.P. Closes $85 Million Direct Equity Investment

NEW YORK--(BUSINESS WIRE)-- K-Sea Transportation Partners L.P. (NYSE: KSP) today announced it has closed the first portion of its recently announced agreement with KA First Reserve, LLC to invest up to $100 million in cash for approximately 18.4 million convertible preferred units. Today the Company completed the sale of 15.7 million convertible preferred units to KA First Reserve in exchange for $85 million in cash. The remaining $15 million investment is expected to close following clearance of Hart-Scott-Rodino review. Additionally, the amendment to the revolving credit facility and other debt and lease agreements became effective today upon the closing of the $85 million investment.

About K-Sea Transportation Partners

K-Sea Transportation Partners is one of the largest coastwise tank barge operators in the United States. The Company 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. For additional information, please visit the Company’s website, including the Investor Relations section, at www.k-sea.com.