K-Sea amends loan, increasing size to $100 million

By Sara Rosenberg

New York, March 29 - K-Sea Operating Partnership LP amended its credit facility, increasing the maximum amount of borrowings available under the facility to $100 million from $75 million, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The $25 million increase was committed by two new lenders, Citibank and HSBC Bank.

In addition, the amendment provides for a $50 million accordion feature.

The amendment is effective as of March 23.

KeyBank is the administrative agent on the deal.

K-Sea is an East Brunswick, N.J.-based provider of refined petroleum products marine transportation, and distribution and logistics services.

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