TransMontaigne Partners L.P. Announces Closing of Acquisition of Two West Coast Refined Product & Crude Oil Terminals from Pl...
19 December 2017 - 12:28AM
Business Wire
TransMontaigne Partners L.P. (NYSE:TLP) (the “Partnership” or
“we”) announced today that it has completed the previously
announced acquisition of the Martinez Terminal and Richmond
Terminal from an affiliate of Plains All American Pipeline, L.P.
(the “West Coast Acquisition”). As a result of the West Coast
Acquisition, the Partnership has expanded its storage and
terminaling footprint into the San Francisco Bay Area refining
complex. Plains will continue to operate the terminals on behalf of
the Partnership until the Partnership receives all permits and
approvals necessary to operate the terminals, which we expect to
occur by the end of February 2018.
The Partnership funded the purchase price for the West Coast
Acquisition with borrowings under its revolving credit facility. In
connection with closing the West Coast Acquisition, the Partnership
amended the revolving credit facility to increase the lender
commitments from $600 million to $850 million, and the lender
commitments may be further increased under certain conditions to
$1.1 billion through an accordion feature.
About TransMontaigne Partners
L.P.
TransMontaigne Partners L.P. is a terminaling and transportation
company based in Denver, Colorado with operations in the United
States along the Gulf Coast, in the Midwest, in Houston and
Brownsville, Texas, along the Mississippi and Ohio Rivers, and in
the Southeast. We provide integrated terminaling, storage,
transportation and related services for customers engaged in the
distribution and marketing of light refined petroleum products,
heavy refined petroleum products, crude oil, chemicals, fertilizers
and other liquid products. Light refined products include
gasolines, diesel fuels, heating oil and jet fuels; heavy refined
products include residual fuel oils and asphalt. We do not purchase
or market products that we handle or transport. News and additional
information about TransMontaigne Partners L.P. is available the
Partnership’s website: www.transmontaignepartners.com.
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements for federal securities laws. Although
the Partnership believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions,
actual results could differ materially from those projected in the
forward-looking statements as a result of certain risk factors,
including, the ability to obtain required permits and other
approvals on a timely basis. Additional important factors that
could cause actual results to differ materially from the
Partnership’s expectations and may adversely affect its business
and results of operations are disclosed in “Item 1A. Risk Factors”
in the Partnership’s Annual Report on Form 10-K for the year ended
December 31, 2016, filed with the Securities and Exchange
Commission on March 14, 2017. The forward-looking statements speak
only as of the date made, and, other than as may be required by
securities law, the Partnership undertakes no obligation to update
or revise any forward looking statements, whether as a result of
new information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171218005583/en/
TransMontaigne Partners L.P.Frederick W. Boutin,
303-626-8200Chief Executive OfficerorRobert T. Fuller,
303-626-8200Chief Financial Officer
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