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.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.