Kirby Amends, Restates Credit Agreement
Kirby Corporation has announced that it has entered into an amended and restated credit agreement with a group of banks.
The Credit Agreement, among other things:
- Extends the term of Kirby’s existing $850 million revolving credit facility to March 27, 2024 (the “Maturity Date”);
- Adds a new five-year term loan facility in the amount of $500 million which is repayable in quarterly installments commencing June 30, 2020 in increasing percentages of the original principal amount of the loan;
- Has a variable interest rate based on the London interbank offered rate (“LIBOR”), or a base rate calculated with reference to the agent bank’s prime rate, and varies with Kirby’s credit rating; and
- Allows for borrowings to be used for general corporate purposes including acquisitions.
JPMorgan Chase Bank, N.A. serves as the administrative agent of the Credit Agreement.