Kirby lifts revolver loan cap to $850 million, extends until 2022

By Susanna Moon

Chicago, June 28 – Kirby Corp. upsized the borrowing limit under its revolving credit facility to $850 million from $550 million, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date was extended to June 26, 2022.

Interest on the loans is Libor plus 100 basis points.

The credit agreement allows for a $300 million increase in the aggregate commitments of the banks in the form of revolving credit loans or term loans, with lender consents.

Proceeds will be used for general corporate purposes, including acquisitions.

As of June 26, the outstanding debt under the facility was $104,974,000.

Kirby is a Houston-based operator of inland tank barges and towing vessels to transport petrochemical products.

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