The company said it had increased the borrowing limit to $550m, with maturity in 2020.
The facility has variable interest based on the Libor rate. The spread varies with Kirby’s credit rating and is currently 112.5 basis points over Libor.
Kirby has also secured an option for the banks to lend another $300m.
Some of the cash has been used to refinance outstanding debt and may also go towards general corporate business, including acquisitions.
It
