What is a week without another follow-on offering? As last week ended, K-Sea Transportation Partners (“K-Sea”) announced a public follow-on offering of 2.9 million of its common units and a green shoe of 435 thousand shares utilizing its existing shelf registration.
The shares were priced at $19.15, a 6.6% discount to the prior day’s close at $20.51.
Of the net proceeds of $52.9 million, exclusive of the green shoe, approximately $47 million will be used to repay indebtedness under the company’s revolver, which currently has $139.9 million outstanding and the remainder will be used to make construction progress
This is only an excerpt of K-Sea Too
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Tags: · BofA Merrill Lynch, DnB NOR, K-Sea Transportation Partners, KeyBanc, Keybank, LaSalle Bank, RBC Capital Markets, tifel Nicolaus, UBS, Wachovia Bank, Wells Fargo
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