TransMontaigne (TLP) Prices 1.45M Offering at $43.32/Unit
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TransMontaigne Partners L.P. (NYSE: TLP) announced that it has priced an underwritten public offering of 1,450,000 common units representing limited partner interests of the Partnership. The Partnership has granted the underwriters a 30-day option to purchase up to 217,500 additional common units. The common units were offered to the public at $43.32 per unit. In addition, TransMontaigne GP L.L.C., the general partner of the Partnership, is expected to make a proportionate cash contribution to maintain its 2.0% general partner interest in the Partnership. The offering is expected to close on July 24, 2013, subject to customary closing conditions.
The Partnership intends to use a portion of the net proceeds from the offering, including any net proceeds received from an exercise of the underwriters’ option to purchase additional common units, to repay indebtedness outstanding under its senior secured credit facility and to fund a portion of its proportionate share of the construction cost of Battleground Oil Specialty Terminal Company LLC, its joint venture with Kinder Morgan Energy Partners, L.P.
Morgan Stanley, BofA Merrill Lynch, Citigroup and Wells Fargo Securities are acting as joint book-running managers for the offering.
The Partnership intends to use a portion of the net proceeds from the offering, including any net proceeds received from an exercise of the underwriters’ option to purchase additional common units, to repay indebtedness outstanding under its senior secured credit facility and to fund a portion of its proportionate share of the construction cost of Battleground Oil Specialty Terminal Company LLC, its joint venture with Kinder Morgan Energy Partners, L.P.
Morgan Stanley, BofA Merrill Lynch, Citigroup and Wells Fargo Securities are acting as joint book-running managers for the offering.
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