November 12, 2017 [Business Wire] - TransMontaigne Partners L.P. (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.
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