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CorEnergy to buy EXXI Gulf gathering system for $245M, offer 11.25M shares

  • CorEnergy Infrastructure Trust (NYSE:CORR) agrees to acquire Energy XXI's (EXXI) Grand Isle Gathering System for $245M, with plans to increase its dividend following completion of the deal.
  • Grand Isle is a subsea, midstream pipeline system with related onshore facilities serving oil-producing fields in the shallow portion of the Gulf of Mexico.
  • CORR says it plans to finance the deal with a combination of a follow-on offering of 11.25M common shares, a new $75M issue of convertible debt and an expansion of its existing senior credit facilities.

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