K-Sea Transportation to start roadshow Monday for $150 million seven-year notes via Lehman

By Paul A. Harris

St. Louis, Oct. 14 - K-Sea Transportation Finance Corp. will start a roadshow on Monday for its $150 million offering of seven-year senior unsecured notes (B+), according to market sources.

Pricing is expected on Monday, Oct. 24.

Lehman Brothers has the books for the Rule 144A offering.

Proceeds will be used to repay approximately $77 million of debt that the company will incur in financing its acquisition of Sea Coast Towing, Inc., expected to close in the Oct. 17 week, as well as to repay certain other debt and for general partnership purposes.

The prospective issuer is a wholly owned subsidiary of New York City-based marine transportation company K-Sea Transportation Partners LP.

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