K-Sea Transportation Partners L.P. (KSP) announced that K-Sea Operating Partnership L.P., a subsidiary of the company, has entered into an amendment to its revolving credit agreement and modified or obtained consents under other debt obligations and operating leases in a manner consistent with the amendment. The amendment, among other things, reduced the lenders' commitments from $200 million to $175 million.
The amendment also eliminated the feature of the agreement whereby the borrower could request an increase in the total commitments by up to $50 million; increased the interest rate margins by 205 to 275 basis points tied to certain financial ratios; and changed the maturity of the facility to July 1, 2012 from August 14, 2014.
The amendment allows K-Sea Transportation Partners L.P. to pay quarterly distributions up to a maximum of $0.45 per unit, so long as it maintains a minimum liquidity of $17.5 million.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.