Kirby Corporation (NYSE:KEX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
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Entry into a Material Definitive Agreement. |
On June 26, 2017, Kirby Corporation entered into an amendment of
its existing Credit Agreement with a group of commercial banks
that increases the borrowing limit under Kirbys previous
revolving credit facility from $550 million to $850 million and
extends the maturity date of the facility to June 26, 2022. The
Credit Agreement, as amended, provides for a variable interest
rate based on the London interbank offered rate (LIBOR) or a base
rate calculated with reference to the agent banks prime rate,
among other factors (the Base Rate). The interest rate varies
with Kirbys credit rating and is currently 100 basis points over
LIBOR or equal to the Base Rate. In addition, the Credit
Agreement allows for a $300 million increase in the aggregate
commitments of the banks in the form of revolving credit loans or
term loans, subject to the consent of each bank that elects to
participate in the increased commitment. Borrowings under the
facility are used for general corporate purposes, including
acquisitions. As of June 26, 2017, Kirby had outstanding
borrowings under the facility of $104,974,000.
The foregoing summary of the terms of the Credit Agreement is
qualified in its entirety by reference to the copy of the
Agreement filed as Exhibit 10.1 to this report.
Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The discussion of the amendment to the Credit Agreement in Item
1.01 is incorporated by reference into this Item 2.03.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit
Number
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Description of Exhibit
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10.1 |
First Amendment to Credit Agreement dated as of June 26, 2017 among Kirby Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and the banks named therein. |
KIRBY CORP ExhibitEX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 Executed Version FIRST AMENDMENT TO CREDIT AGREEMENT THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”),…To view the full exhibit click here About Kirby Corporation (NYSE:KEX)
Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services. The Company, through its Marine Transportation segment, is a provider of marine transportation services, operating tank barges and towing vessels transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all the three United States coasts and in Alaska and Hawaii. Its engine services segment, sells replacement parts, provides service mechanics to overhaul and repair medium-speed and high-speed diesel engines, transmissions, reduction gears, pumps and compression products, maintains facilities to rebuild component parts or entire medium-speed and high-speed diesel engines.
