FREDERICK, Md., March 19, 2018 /PRNewswire/ -- U.S. Silica
Holdings, Inc. (NYSE: SLCA) announced today that is has signed an
agreement to sell three transloads located in the Permian, Eagle
Ford and Appalachian Basins to CIG Logistics for $75 million in cash. The transaction is expected
to close by the end of this month, pending financing.
The three facilities are located near Odessa, Texas, San
Antonio, Texas and
Benwood, W. Va., and comprise
approximately 70 thousand tons of storage capacity. As part
of the agreement, U.S. Silica will continue to service customer
needs through the transloads, which CIG will now own and
operate.
Commenting on the transaction, U.S. Silica President and Chief
Executive Officer Bryan Shinn said,
''This sale continues our successful strategy of utilizing
outstanding partners, like CIG, to manage our transloading operations while we concentrate on
delivering excellent customer service. Our focus as a company
remains growing and diversifying our business and managing other
capital allocation priorities, including returning cash to
shareholders. This transaction fits well with our priorities
and I look forward to working more closely with the CIG
team."
Simmons & Company International, Energy Specialists of
Piper Jaffray, served as exclusive
financial advisor to U.S. Silica in the transaction.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a
leading producer of commercial silica used in the oil and gas
industry, and in a wide range of industrial applications. Over its
118-year history, U.S. Silica has developed core competencies in
mining, processing, logistics and materials science that enable it
to produce and cost-effectively deliver over 200 products to
customers across our end markets. The Company currently operates
nine industrial sand production plants and eight oil and gas sand
production plants. The Company is headquartered in Frederick, Maryland and also has offices
located in Chicago, Illinois and
Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate
Communications
(301) 682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.