Blueknight Announces Transformational $162 Million Sale of Crude Oil Business
Blueknight Energy Partners L.P. - Common Units representing Limited Partner Interests (BKEP)
Last blueknight energy partners l.p. - common units representing limited partner interests earnings: 8/7 04:30 pm
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Source: Business Wire
Transaction HighlightsStrategically repositions Blueknight as a pure-play, downstream terminalling company focused on infrastructure and transportation end marketsMaterially improves financial flexibility and pro forma leverage to approximately 2.0 timesMaintains annual coverage ratio of 1.2 times or greater on all distributions and strengthens stability of underlying cash flowsExpected to generate $1.5 to $2.5 million in additional annual corporate savings and reduce annual maintenance capital expenditures to $5.5 to $6.5 million TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) announced today that it has entered into multiple definitive agreements to sell its crude oil terminalling, pipeline, and trucking business segments for approximately $162 million in total cash consideration, including estimated crude oil linefill and inventory. Net proceeds, after transaction costs, will be used initially to reduce
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