Sprague Resources LP Announces Strategic Acquisition of Two Refined Product Terminals on Long Island
Sprague Resources LP Common Units representing Limited Partner Interests (SRLP)
Last sprague resources lp common units representing limited partner interests earnings: 3/5 06:00 am
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US:NYSE Investor Relations:
spragueenergy.com/investor-relations
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Source: GlobeNewswire
PORTSMOUTH, N.H., March 16, 2017 (GLOBE NEWSWIRE) -- Sprague Resources LP (“Sprague”) (NYSE:SRLP) announced today that its operating subsidiary, Sprague Operating Resources LLC, has signed a definitive agreement to purchase the Lawrence and Inwood, NY refined product terminal assets of Carbo Industries, Inc. and Carbo Realty, L.L.C. (“Carbo”). Sprague will pay total consideration of approximately $70 million, plus payments for inventory and other customary items. The consideration is comprised of approximately $30 million of SRLP units to be issued at closing, $10 million in cash paid at closing and the balance in cash, paid ratably over ten years. The Carbo terminals are located in Inwood and Lawrence, NY, with a combined gasoline, ethanol and distillate storage capacity of 157,000 barrels. The terminals are supplied primarily by pipeline, and also have the ability to accept product deliveries by barge and truck. Conveniently located next to the region’s major transportation n
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