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Stock Market & Financial Investment News

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November 28, 2012
05:04 EDTKEXKirby to acquire Penn Maritime for approximately $295M
Kirby announced that it has entered into an agreement to acquire Penn Maritime and Maritime Investments, an operator of tank barges and tugboats participating in the coastal transportation of primarily black oil products in the U.S. The total value of the transaction is approximately $295M and will consist of cash, Kirby common stock and the retirement of Penn's debt. The transaction will be financed through a combination of borrowing under Kirby's revolving credit facility, issuance of new unsecured fixed rate senior notes, and the issuance of Kirby common stock. The closing of the transaction is expected to occur in mid-to-late December, subject to certain conditions. Under the terms of the agreement, the total value of the transaction is approximately $295M, consisting of $180M for all of the voting and nonvoting equity interests in Penn Maritime Inc. and Maritime Investments and approximately $115M for the retirement of Penn's debt. The $180M consideration paid to Penn equity holders will include a combination of cash of approximately $152M and 500,000 shares of Kirby common stock.
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