HOUSTON, Nov. 15, 2018 /PRNewswire/ -- American
Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today
announced it has entered into a definitive agreement for the sale
of its refined products terminalling business (the "Refined
Products Terminals") to Sunoco LP, for approximately $125 million in cash, subject to working capital
adjustments. The transaction is expected to close in the fourth
quarter of 2018.
The divestiture of the Refined Products Terminals, located in
Caddo Mills, Texas and
North Little Rock, Arkansas,
represents continued progress towards American Midstream's capital
allocation strategy designed to reduce leverage and strengthen the
Partnership. In addition, the divestiture of the Refined
Products Terminals simplifies AMID's business profile while
creating capital flexibility.
Closing of the sale of the Refined Products Terminals is subject
to customary closing conditions, including clearance under the
Hart-Scott-Rodino Act.
Barclays acted as exclusive financial advisor and Sidley Austin
LLP served as legal counsel to American Midstream for the Refined
Products transaction.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited
partnership formed to provide critical midstream infrastructure
that links producers of natural gas, crude oil, NGLs, condensate
and specialty chemicals to end-use markets. American Midstream's
assets are strategically located in some of the most prolific
offshore and onshore basins in the Permian, Eagle Ford,
East Texas, Bakken and Gulf Coast.
American Midstream owns or has an ownership interest in
approximately 5,100 miles of interstate and intrastate pipelines,
as well as ownership in gas processing plants, fractionation
facilities, an offshore semisubmersible floating production system
with nameplate processing capacity of 90 MBbl/d of crude oil and
220 MMcf/d of natural gas; and terminal sites with approximately
4.3 MMBbls of storage capacity.
For more information about American Midstream Partners, LP,
visit: www.americanmidstream.com. The content of our website is not
part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
related to the Partnership's expectations regarding the timing of
the proposed offering and use of proceeds. We have used the words
"could," "expect," "intend," "may," "will," "poised," "potential,"
"promote," "would," "designed," "plan" and similar terms and
phrases to identify forward-looking statements in this press
release. Although we believe the assumptions upon which these
forward-looking statements are based are reasonable, any of these
assumptions could prove to be inaccurate and the forward-looking
statements based on these assumptions could be incorrect. Many of
the factors that will determine these results are beyond our
ability to control or predict. These factors include the risk
factors described in Part I, Item 1A. in our Annual Report on Form
10-K for the year ended December 31,
2017, filed with the SEC on April 9,
2018, and our other filings with the SEC. All future written
and oral forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
the previous statements. The forward-looking statements herein
speak as of the date of this press release. We undertake no
obligation to update such statements for any reason, except as
required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
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SOURCE American Midstream Partners, LP