TransMontaigne Partners L.P. announced pricing of the company's underwritten public offering for 1,450,000 common units. The units offered represent the limited partner interests of the Partnership. The company granted the underwriters a 30-day opportunity to purchase up to an estimated 217,500 additional common units. The common units were priced at US$43.32 per unit. TransMontaigne GP L.L.C. expects to a make proportionate cash contribution to maintain its general partner interest which is at 2%. The Partnership said that they intend to use a portion of the net earnings from the scheduled offering to repay outstanding debts.
Debts incurred were under the partnership's senior secured credit facility. The partnership also announced that they will use proceeds from the offering to fund a portion of its share for the construction cost of the Battleground Oil Specialty Terminal Company LLC, which is a joint venture with Kinder Morgan Energy Partners, L.P.
Citigroup, Wells Fargo Securities, Morgan Stanley and BofA Merrill Lynch were hired to act as the joint book-running managers in the proposed offering.
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