Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

(17) Subsequent Events

On February 14, 2018, the Company purchased Higman for approximately $419,692,000 in cash, subject to certain post-closing adjustments.  Higman’s fleet consisted of 159 inland tank barges, of which two are under construction to be delivered in May 2018 and October 2018, with 4.8 million barrels of capacity, and 75 inland towboats, transporting petrochemicals, black oil, including crude oil and natural gas condensate, and refined petroleum products on the Mississippi River System and the Gulf Intracoastal Waterway.

On February 12, 2018, the Company issued $500,000,000 of 4.2% senior unsecured notes due March 1, 2028 (the "2028 Notes"). The Company used the proceeds from the issuance of the 2028 Notes to fund the acquisition of Higman.  The remaining net proceeds of the sale of the 2028 Notes will be used for general corporate purposes, including working capital, the repayment of indebtedness and future acquisitions. Interest payments of $10,500,000 are due semi-annually on March 1 and September 1 of each year, with the exception of the first payment on September 1, 2018, which will be $11,550,000.  The 2028 Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness.