December 20, 2017 [Hydrocarbon Engineering] - TransMontaigne Partners L.P. has completed the previously announced acquisition of the Martinez Terminal and Richmond Terminal from an affiliate of Plains All American Pipeline, L.P.
As a result of the acquisition, TransMontaigne has expanded its storage and terminaling footprint into the San Francisco Bay Area refining complex. Plains will continue to operate the terminals on behalf of TransMontaigne until the company receives all permits and approvals necessary to operate the terminals, which are expected to occur by the end of February 2018.
TransMontaigne funded the purchase price for the West Coast acquisition with borrowings under its revolving credit facility. In connection with closing the acquisition, TransMontaigne amended the revolving credit facility to increase the lender commitments from US$600 million to US$850 million, and the lender commitments may be further increased under certain conditions to US$1.1 billion through an accordion feature.
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