American Midstream Partners, has agreed to sell its marine storage terminals business to institutional investors for approximately $210m in cash, subject to working capital adjustments. The transaction is expected to close in the third quarter of 2018.
The divestiture of the Marine Products Terminals, including the Harvey and Westwego terminals located in the Port of New Orleans and the Brunswick terminal located in the Port of Brunswick in Georgia, is a continuation of the partnership’s previously announced non-core asset divestiture program. The divestiture provides the foundation to further scale the Partnership’s core strategic assets.
The immediate use of these proceeds will go toward reducing indebtedness under the partnership’s revolving credit facility, as well as general corporate purposes. Further debt reduction will provide the Partnership with a more flexible capital structure, which will enable it to further enhance liquidity as it continues to execute on strategic growth initiatives.
For more information visit: www.americanmidstream.com
25th June 2018