Simpson Thacher is representing First Reserve Corp. (“First Reserve”) in connection with the recently announced purchase of 18,416,206 Series A Preferred Units of K-Sea Transportation Partners L.P. (“K-Sea”) by KA First Reserve, LLC (“KAFR”) for $100 million.
KAFR’s investment represents a 49.1% interest in K-Sea. KAFR has the right to convert the Series A Preferred Units into common units of K-Sea on a one-for-one basis at KAFR’s election.
K-Sea, a public limited partnership, is one of the largest coastwise tank barge operators in the United States. K-Sea provides refined petroleum products transportation, distribution and logistics services in the U.S. domestic marine transportation market.
KA First Reserve, LLC was formed by First Reserve and Kayne Anderson Capital Advisors, L.P. to make investments in energy-related midstream assets and other related assets on behalf of First Reserve.
The Simpson Thacher team includes: Patrick Naughton, Patrick Dowd, David Shapiro and Kate Renaud (M&A), Alden Millard (Credit), Michael Naughton and William Kearney (HSR), Aimee Adler, Craig Katerberg and Jennifer Pepin (Executive Compensation and Employee Benefits), John Creed, Jonathan Goldstein and Daniel Foster (Tax), and Michael Isby (Environmental).