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American Midstream Partners to sell marine products terminaling arm for $210M

American Midstream Partners LP is set to sell its marine products terminaling business for about $210 million in cash to institutional investors advised by JP Morgan Asset Management.

The divestiture includes the Harvey and Westwego terminals in the Port of New Orleans and the Brunswick terminal in the Port of Brunswick in Georgia, according to a June 18 news release.

The partnership will use proceeds from the deal to pay down its revolver and for general corporate purposes. American Midstream said it is working to reduce debt as a way to improve its flexibility and its focus on core assets. The deal is scheduled to close in the third quarter of 2018.

Bank of America Merrill Lynch acted as exclusive financial adviser and Sidley Austin LLP served as legal counsel to American Midstream for the transaction.