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JPMorgan Chase Agents $500MM Credit Facility for Kirby Corporation

March 29, 2019, 09:00 AM
Filed Under: Credit

Kirby Corporation 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. served as the administrative agent of the Credit Agreement.

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