K-Sea to raise $138 million with security sale

K-Sea to raise $138 million with security sale K-Sea Transportation Partners L.P., an East Brunswick, N.J.-based operator of tugs and barges that move petroleum products said that it had priced its previously announced public offering of 3.5 million common units representing limited partner interests at $39.50 per unit.
   The New York Stock Exchange-listed company has granted underwriters a 30-day option to purchase a maximum of 525,000 additional common units to cover over-allotments. K-Sea intends to use the proceeds of the offering to repay indebtedness.