Life Preserver – K-Sea Receives Equity Investment and Restructures Debt

Yesterday, K-Sea Transportation Partners L.P. announced that KA First Reserve, LLC (“KA First Reserve”), a partnership between First Reserve and Kayne Anderson Capital Advisors, agreed to invest up to $100 million in exchange for approximately 18.4 million convertible preferred units (the “Preferred Units”). All of the sales proceeds will be used to repay outstanding debt and pay fees and expenses related to the transaction.

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