Shell Midstream Partners, L.P. Closes on Previously Announced Transactions and Announces Updated Guidance
Shell Midstream Partners, L.P. Common Units representing Limited Partner Interests (SHLX)
Last shell midstream partners, l.p. common units representing limited partner interests earnings: 2/20 08:00 am
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US:NYSE Investor Relations:
shellmidstreampartners.com
Company Research
Source: GlobeNewswire
Houston, April 02, 2020 (GLOBE NEWSWIRE) -- Shell Midstream Partners, L.P. (NYSE: SHLX) (the “Partnership” or “SHLX”) today announced that on April 1, 2020 it closed the transactions contemplated by the previously announced Restructuring Agreement with its general partner to eliminate all incentive distribution rights (“IDRs”) and general partner (“GP”) economic interests in SHLX. SHLX has also closed the transactions contemplated by the previously announced Purchase and Sale Agreement with affiliates of its sponsor, Royal Dutch Shell plc (“Shell”), under which it acquired (i) Shell’s 79% interest in Mattox Pipeline Company LLC, which owns the Mattox Pipeline, and (ii) certain logistics assets at the Shell Norco Manufacturing Complex. As consideration for the assets and the elimination of IDRs and the GP economic interests, the sponsor received 160 million newly issued SHLX common units, plus $1.2 billion of Series A perpetual convertible preferred units at a price of $23.63 per uni
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