DENVER--(BUSINESS WIRE)--TransMontaigne Partners L.P. (NYSE:TLP) (the “Partnership” or “we”) today announced the termination of its public offering of common units representing limited partner interests in the Partnership announced earlier today (the “Offering”).
The termination results from an assessment by management that current equity market conditions are not conducive for an offering on terms that would be in the best interests of the Partnership’s unitholders. As a result of such termination, no common units will be sold pursuant to the Offering.
Termination of the Offering will have no impact on our previously announced acquisition of two West Coast refined products and crude oil storage terminals in the San Francisco Bay Area, known as the Martinez Terminal and Richmond Terminal, from an affiliate of Plains All American Pipeline, L.P. (the “Acquisition”). We have a strong balance sheet and ample liquidity under our existing Senior Secured Credit Facility. Accordingly, we intend to finance the Acquisition with cash available from other sources including, but not limited to, existing capacity available under our Senior Secured Credit Facility.
The Offering was being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About TransMontaigne Partners L.P.
TransMontaigne Partners L.P. is a terminaling and transportation company based in Denver, Colorado with operations in the United States along the Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the Mississippi and Ohio Rivers and in the Southeast. We provide integrated terminaling, storage, transportation and related services for customers engaged in the distribution and marketing of light refined petroleum products, heavy refined petroleum products, crude oil, chemicals, fertilizers and other liquid products. Light refined products include gasolines, diesel fuels, heating oil and jet fuels. Heavy refined products include residual fuel oils and asphalt. We do not purchase or market products that we handle or transport.
This press release includes statements that may constitute forward-looking statements. Although the Partnership believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The consummation of the Acquisition is subject to certain closing conditions, and, even if consummated, we may be subject to certain risks, including, (i) the successful integration and performance of the acquired assets, (ii) the ability to obtain required permits and other approvals on a timely basis; (iii) adverse changes in general economic or market conditions, and (iv) competitive factors such as pricing pressures and the entry of new competitors. See “Item 1A. Risk Factors” in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission on March 14, 2017, and other public filings and press releases. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements.