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KIRBY CORPORATION ANNOUNCES PROPOSED CALL FOR REDEMPTION OF CONVERTIBLE SUBORDINATED DEBENTURES

 HOUSTON, May 3 /PRNewswire/ -- Kirby Corporation (AMEX: KEX) announced today that subject to the filing and effectiveness of a registration statement with the Securities and Exchange Commission and the execution of a standby agreement with PaineWebber, Incorporated, both expected to occur on or about Tuesday, May 4, 1993, Kirby will call for redemption on or about June 4, 1993, the entire $50 million aggregate principal amount of its 7-1/4 percent convertible subordinated debentures Due 2014 issued in October 1989 at a redemption price of 105.075 percent of the principal amount of the debentures plus accrued interest on the principal of the debentures from April 1, 1993, to the date fixed for redemption.
 If the debentures are redeemed on June 4, 1993, the redemption price for each $1,000 principal amount of debentures will be $1,050.75 plus accrued interest of $12.69.
 The debentures may be converted into common stock of Kirby at a price of $11.125 per share at any time prior to the close of business on the 5th business day prior to the date fixed for redemption. On April 30, 1993, the closing price of Kirby common stock on the American Stock Exchange was $16.375 per share. Any holder of $1,000 principal amount of debentures who converted the debentures on April 30, 1993, would have received common stock (and cash in lieu of fractional shares) having a market value based on the closing price on the American Stock Exchange on that date of $1,471.91.
 Kirby purposes to enter into a standby agreement with PaineWebber pursuant to which PaineWebber will purchase from Kirby the number of shares of common stock that would have been issued on conversion of any debentures tendered for redemption in lieu of conversion in excess of the first $25 million in aggregate principal amount of the debentures tendered for redemption. Under such arrangement, Kirby will be responsible for redeeming the first $25 million principal amount of debentures not converted out of funds available under an existing credit agreement.
 Kirby is engaged, through its subsidiaries, in marine transportation, operating U.S. flag vessels on the inland waterway system of the United States and in United States coastwise and foreign trade, diesel repair and property and casualty insurance.
 -0- 5/3/93
 /CONTACT: Steve Holcomb of Kirby Corporation, 713-629-9370/
 (KEX)


CO: Kirby Corporation ST: Texas IN: TRN SU:

TS -- NY082 -- 3906 05/03/93 15:15 EDT
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Publication:PR Newswire
Date:May 3, 1993
Words:409
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