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Sunoco closes $125M refined products terminals buy from American Midstream


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Sunoco closes $125M refined products terminals buy from American Midstream

American Midstream Partners LP completed the sale of its refined products terminaling business to Energy Transfer LP fuel distributor Sunoco LP for roughly $125 million in cash.

Included in the deal are fee-based refined product terminals with 21 tanks in Caddo Mills, Texas, and North Little Rock, Ark. Sunoco funded the acquisition through borrowings available under its revolver, along with cash on hand. The partnership expects the acquisition to be accretive to its distributable cash flow in the first year, according to a Dec. 20 news release.

American Midstream's divestiture of the assets fall in line with its plan to sell off some of its noncore assets. The partnership plans to use proceeds from the sale to repay revolver debt, according to a separate release.

Barclays acted as exclusive financial adviser to American Midstream, while Sidley Austin LLP served as legal counsel for the transaction.