American Midstream Enters Definitive Agreement to Sell Refined Products Terminals
Argent Mid Cap ETF (AMID)
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US:NYSE Investor Relations:
americanmidstream.com/investor-relations
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Source: PR Newswire
HOUSTON, Nov. 15, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced it has entered into a definitive agreement for the sale of its refined products terminalling business (the "Refined Products Terminals") to Sunoco LP, for approximately $125 million in cash, subject to working capital adjustments. The transaction is expected to close in the fourth quarter of 2018.The divestiture of the Refined Products Terminals, located in Caddo Mills, Texas and North Little Rock, Arkansas, represents continued progress towards American Midstream's capital allocation strategy designed to reduce leverage and strengthen the Partnership. In addition, the divestiture of the Refined Products Terminals simplifies AMID's business profile while creating capital flexibility. Closing of the sale of the Refined Products Terminals is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act.Barclays acted as exclusive f
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