American Midstream Partn... (NYSE:AMID)
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HOUSTON, Dec. 20, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced the closing of its previously announced sale of its refined products terminalling business (the "Refined Products Terminals") to Sunoco LP, for approximately $125 million in cash.
The divestiture of the Refined Products Terminals, located in Caddo Mills, Texas and North Little Rock, Arkansas, is a continuation of the Partnership's previously announced non-core asset divestiture program. The proceeds of this sale will go toward reducing indebtedness under the Partnership's revolving credit facility.
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 3.0 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.
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.
American Midstream Partners, LP
Director of Investor Relations
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SOURCE American Midstream Partners, LP