has priced itspublic offering of2,500,000 common units to receive total gross proceeds of about $46 million,according to a March 31 news release.
The commonunits are being offered at prevailing market prices. The underwriter, UBSSecurities LLC, was granted a 30-day option to buy up to 375,000 additionalcommon units.
The netproceeds would be used to fund part of the $100 million purchase price of thepartnership's acquisitionof four refined product terminals in the greater Philadelphia region from aPlains All American Pipeline LPaffiliate. Pending this, the proceeds may also be used to reduce indebtednessand for general partnership purposes, according to the release.
Theoffering is scheduled to close on April 5, subject to customary closingconditions.