Pricing Supplement dated January 23, 1997 Rule 424(b)(2)
(To Prospectus dated December 2, 1994 and File No. 33-56195
Prospectus Supplement dated December 2, 1994)
KIRBY CORPORATION
Medium-Term Notes--Fixed Rate
Principal Amount: $ 50,000,000 Interest Rate: 7.05%
Agent's Discount or Commission: Stated Maturity Date: January 29, 2002
.500% of principal amount
Original Issue Date: January 29, 1997
Net Proceeds to Issuer: $ 49,750,000
================================================================================
Interest Payment Dates: April 15 and October 15
Redemption:
|X| The Notes cannot be redeemed prior to the Stated Maturity Date.
|_| The Notes may be redeemed prior to Stated Maturity Date.
Initial Redemption Date:
Initial Redemption Percentage: ____%
Annual Redemption Percentage Reduction: ___% until Redemption
Percentage is 100% of the Principal Amount.
Repayment:
|X| The Notes cannot be repaid prior to the Stated Maturity Date.
|_| The Notes may be repaid prior to the Stated Maturity Date at
the option of the holder of the Notes.
Optional Repayment Date(s):
Repayment Price: ___%
Currency:
Specified Currency: U.S.. Dollars
(If other than U.S. dollars, see attached)
Minimum Denominations:
(Applicable only if Specified Currency is other than U.S. dollars)
Original Issue Discount: |_| Yes |X| No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: |X| Book-Entry |_| Certificated
Agent: |X| Merrill Lynch & Co. and Salomon Brothers Inc
Agents acting in the capacity as indicated below:
|_| Agent |X| Principal
If as principal:
|X| The Notes are being offered at varying prices related to prevailing
market prices at the time of resale.
|_| The Notes are being offered at a fixed initial public offering
price of 100% of principal amount.
If as Agent:
The Notes are being offered at a fixed initial public offering
price of 100% of principal amount.
Other Provisions:
None.
CORPDAL:60823.1 13085-00064