K-Sea in New $80 million Facility with KeyBank

One-year-old Master Limited Partnership K-Sea Transportation Partners refinanced its $61 million of debt with a five-year $80 million revolving credit agreement with a syndicate of banks led by KeyBank National Association. We suspect relationship lender CIT is also in the deal. The new deal is cheaper, has looser covenants and can be topped up to $100 million for increased buying power.

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