Kirby, a Houston-based tank barge operator, increased its existing credit agreement from $550 million to $850 million and extended the maturity date to June 26, 2022. JPMorgan was administrative agent for the transaction.

According to a related 8-K filing, the amended agreement provides for a variable interest rate based on the London interbank offered rate or a base rate calculated with reference to the agent bank’s prime rate, among other factors. The interest rate varies with Kirby’s credit rating and is currently 100 basis points over LIBOR or equal to the Base Rate.

The credit agreement also allows for a $300 million increase in the aggregate commitments of the banks in the form of revolving credit loans or term loans, subject to the consent of each bank that elects to participate in the increased commitment. Borrowings under the facility are used for general corporate purposes, including acquisitions. As of June 26, 2017, Kirby had outstanding borrowings under the facility of $104.974 million.

Members of the lender group are JPMorgan Chase, Bank of America, Wells Fargo, U.S. Bank, BT&T, Northern Trust, Royal Bank of Canada, Bank of Texas and Amegy Bank.