KIRBY CORP (KEX): debt financing — Kirby issues remaining $240M of 3.51% Series B Notes due 2033

KIRBY CORP

Issued $240M Series B Notes (3.51% fixed rate) on Jan 19, 2023, completing $300M total offering.
Series A Notes ($60M at 3.46%) were issued Oct 20, 2022; no principal due until maturity.
Semi-annual interest payments begin Jan 19, 2023 at $525K, then $5.25M per payment.
Proceeds used to repay 3.29% senior notes due Feb 27, 2023, along with revolving credit facility.
Covenants include interest coverage, debt-to-capitalization, and standard default provisions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

KIRBY CORP incurred senior notes of $240 million of 3.51% senior notes with a group of institutional investors at 3.51% maturing January 19, 2033.

Instrument: senior notes
Principal: $240 million of 3.51% senior notes
Counterparty: a group of institutional investors
Rate: 3.51%
Maturity: January 19, 2033
Event: incurrence

Exact text from the filing

On February 3, 2022, as previously disclosed in the Current Report on Form 8-K filed by Kirby Corporation (“Kirby” or the “Company”) with the Securities and Exchange Commission on February 8, 2022, Kirby entered into a Note Purchase Agreement with a group of institutional investors (the “Note Purchase Agreement”) for the issuance of $300 million of unsecured fixed-rate senior notes.

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KIRBY CORP filing history →

Source: SEC EDGAR

accession 0000950170-23-000967

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