TransMontaigne Partners L.P. TLP announced that effective today it
acquired a 42.5% ownership interest for approximately $79 million in
Battleground Oil Specialty Terminal Company LLC (BOSTCO), which is developing
a new black oil terminal facility on the Houston Ship Channel for handling
residual fuel, feedstocks, distillates and other black oils. In connection
with its acquisition, TLP has committed to make its pro rata share of the
future capital contributions required to complete the initial phase of the
BOSTCO project. The initial phase of the BOSTCO project, which is supported by
long term contracts with customers, involves construction of 50 storage tanks
with approximately 6.1 million barrels of storage capacity at an estimated
cost of approximately $425 million. The BOSTCO facility's docks will benefit
from one of the deepest vessel drafts and nearest access points in the Houston
Ship Channel and will be well positioned to capitalize on increasing exports
of petroleum related products. Our investment in BOSTCO was funded with cash
on hand and borrowings under our amended and restated senior secured credit
facility provided by a syndicate of banks. In connection with our investment
in BOSTCO, our credit facility was amended to increase the maximum revolving
credit amount from $250 million to $350 million.
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