Seeking Alpha

American Midstream buys storage facilities for $60M, -4.3% AH

  • American Midstream Partners (AMID) -4.3% AH after agreeing to acquire Blackwater Midstream, a developer and operator of terminal storage facilities, from an affiliate of ArcLight Capital for $60M.
  • The acquisition includes Blackwater's three operating terminals, which have 1.3M barrels of storage capacity for a variety of products including chemical, agricultural and petroleum liquid products; the revenues are fee-based and almost entirely derived from take-or-pay lease contracts.
  • To fund the deal, AMID will launch a public offering of 2.4M common units.
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