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KIRBY CORPORATION ANNOUNCES REDEMPTION ON JUNE 4, 1993 OF ITS CONVERTIBLE SUBORDINATED DEBENTURES

 HOUSTON, May 4 /PRNewswire/ -- Kirby Corporation (AMEX: KEX) announced today that it has called for redemption on 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 May 27, 1993, the 5th business day prior to the date fixed for redemption. On May 3, 1993, the closing price of Kirby common stock on the American Stock Exchange was $16.125 per share. Any holder of $1,000 principal amount of debentures who converted the debentures on May 3, 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 $1,449.44.
 Kirby has entered 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- 5/4/93
 /CONTACT: Steve Holcomb of Kirby Corporation, 713-629-9370/
 (KEX)


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

TS -- NY044 -- 4278 05/04/93 11:35 EDT
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Date:May 4, 1993
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