USD Partners LP Announces Pricing of Public Offering of Common Units
June 07 2017 - 7:26PM
Business Wire
USD Partners LP (NYSE: USDP) (the “Partnership”) announced today
that it has priced its previously announced underwritten public
offering of common units representing limited partner interests in
the Partnership (the “Common Units”). The Partnership agreed to
sell 3,000,000 Common Units at a public offering price of $11.60
per Common Unit (the “Offering”). Gross proceeds to the Partnership
from this Offering are $34,800,000 before underwriter discounts and
commissions and other expenses. In connection with this Offering,
the Partnership has granted the underwriter for the Offering a
30-day option to purchase up to an additional 450,000 Common
Units.
Net proceeds from the Offering (including any proceeds from the
exercise of the underwriter’s option to purchase additional Common
Units) will be used by the Partnership for general partnership
purposes, including to repay outstanding indebtedness incurred
under its revolving credit facility, a portion of which was used to
fund the purchase price for the acquisition of a crude oil terminal
in Stroud, Oklahoma. Amounts repaid under the revolving credit
facility may be re-borrowed to fund future acquisitions, expansion
capital expenditures and for general partnership purposes.
Goldman Sachs & Co. LLC is acting as the sole underwriter
for the Offering.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission (the “SEC”) and
is effective. The Offering will be made only by means of a
prospectus supplement and an accompanying prospectus. A copy of the
final prospectus and the accompanying prospectus related to the
Offering may be obtained for free by visiting the SEC’s website at
www.sec.gov. Alternatively, copies may be obtained by contacting
Goldman Sachs & Co. LLC, Prospectus Department, 200 West
Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile:
212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.
This press release does not constitute an offer to purchase
securities or a solicitation of an offer to sell any securities or
an offer to sell or the solicitation of an offer to purchase any
securities, nor does it constitute an offer or solicitation in any
jurisdiction in which such offer or solicitation is unlawful.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited
partnership formed in 2014 by US Development Group LLC to acquire,
develop and operate energy-related logistics assets, including rail
terminals and other high-quality and complementary midstream
infrastructure. The Partnership’s assets consist primarily of: (i)
a crude oil origination terminal in Hardisty, Alberta, Canada, with
capacity to load up to two 120-railcar unit trains per day, (ii) a
crude oil terminal in Casper, Wyoming, with unit train-capable
railcar loading capacity in excess of 100,000 barrels per day and
six customer-dedicated storage tanks with 900,000 barrels of total
capacity and (iii) a unit train-capable ethanol destination
terminal in West Colton, California. In addition, the Partnership
provides railcar services through the management of a railcar fleet
that is committed to customers on a long-term basis.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws, including statements
with respect to the amount and timing of the close of the public
offering and the use of proceeds therefrom. Words and phrases such
as “is expected,” “is planned,” “believes,” “projects,” and similar
expressions are used to identify such forward-looking statements.
However, the absence of these words does not mean that a statement
is not forward-looking. Forward-looking statements relating to the
Partnership are based on management’s expectations, estimates and
projections about the Partnership, its interests and the energy
industry in general on the date this press release was issued.
These statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are
difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecast in such
forward-looking statements. Factors that could cause actual results
or events to differ materially from those described in the
forward-looking statements include those as set forth under the
heading “Risk Factors” in the Partnership’s most recent Annual
Report on Form 10-K and in our subsequent filings with the
Securities and Exchange Commission. The Partnership is under no
obligation (and expressly disclaims any such obligation) to update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170607006474/en/
USD Partners LPAdam Altsuler, 281-291-3995Vice President and
Chief Financial OfficerorAshley Means Zavala, 281-291-3965Director,
Finance & Investor Relations
USD Partners (NYSE:USDP)
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