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K-Sea Transportation Prices 2.9 Million Units

August 10, 2009 (FinancialWire) — K-Sea Transportation Partners L.P. (NYSE: KSP) has priced a public offering of 2.9 million common units at $19.15 per common unit. The offering is scheduled to close on August 12.

BofA Merrill Lynch (NYSE: MER) and Wells Fargo Securities (NYSE: WFC) are acting as joint book-running managers for the offering.

K-Sea Transportation has also granted the underwriters a 30-day option to purchase up to an additional 435,000 common units to cover over-allotments.

The company plans to use the net proceeds to repay indebtedness and make construction progress payments in connection with its vessel newbuilding program.

East Brunswick, New Jersey-based K-Sea Transportation Partners is a provider of marine transportation, distribution and logistics services in the U.S.

The company has locations in New York, Philadelphia, Norfolk, Seattle and Honolulu, and operates a large fleet of tugs and tank barges that serves a range of customers, including major oil companies, oil traders and refiners.

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