TransMontaigne Partners L.P. Announces Termination of Common Unit Offering
November 08 2017 - 11:19PM
Business Wire
TransMontaigne Partners L.P. (NYSE:TLP) (the “Partnership” or
“we”) today announced the termination of its public offering of
common units representing limited partner interests in the
Partnership announced earlier today (the “Offering”).
The termination results from an assessment by management that
current equity market conditions are not conducive for an offering
on terms that would be in the best interests of the Partnership’s
unitholders. As a result of such termination, no common units will
be sold pursuant to the Offering.
Termination of the Offering will have no impact on our
previously announced acquisition of two West Coast refined products
and crude oil storage terminals in the San Francisco Bay Area,
known as the Martinez Terminal and Richmond Terminal, from an
affiliate of Plains All American Pipeline, L.P. (the
“Acquisition”). We have a strong balance sheet and ample liquidity
under our existing Senior Secured Credit Facility. Accordingly, we
intend to finance the Acquisition with cash available from other
sources including, but not limited to, existing capacity available
under our Senior Secured Credit Facility.
The Offering was being made pursuant to an effective shelf
registration statement filed with the U.S. Securities and Exchange
Commission. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities, in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
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.
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements. Although the Partnership believes that
the expectations reflected in such forward-looking statements are
based on reasonable assumptions, such statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected. The consummation of the
Acquisition is subject to certain closing conditions, and, even if
consummated, we may be subject to certain risks, including, (i) the
successful integration and performance of the acquired assets, (ii)
the ability to obtain required permits and other approvals on a
timely basis; (iii) adverse changes in general economic or market
conditions, and (iv) competitive factors such as pricing pressures
and the entry of new competitors. See “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, and other public filings and press
releases. Except as required by law, the Partnership undertakes no
obligation to publicly update or revise any forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20171108006736/en/
TransMontaigne Partners L.P.(303) 626-8200Frederick W. Boutin,
Chief Executive OfficerRobert T. Fuller, Chief Financial
Officer
Transmontaigne Partners L.P. Transmontaigne Partners L.P. Common Units Representing Limited Partner Interests (NYSE:TLP)
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