November 12, 2017 [Seeking Alpha] - Transmontaigne Partners (NYSE:TLP) -9.9% after-hours after agreeing to acquire the Martinez Terminal and Richmond Terminal from Plains All American Pipeline (NYSE:PAA) for $275M.
TLP says the two waterborne refined product and crude oil terminals with a total of 64 storage tanks and 5.4M barrels of storage capacity, supported by multi-year fee-based agreements, will expands its storage and terminaling footprint into the San Francisco Bay Area refining complex.
To help fund the deal, TLP commences a public offering of 2.5M common units, with an underwriters option to purchase up to an additional 375K units.
TLP also reports Q3 earnings that came in well below analyst expectations.
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