TransMontaigne Partners Floats New Unit Issue
TransMontaigne Partners is drilling into the market to raise in the neighborhood of $60 million. The company has floated 1.45 million of its common units in an underwritten public offering priced at $43.32 per unit. The company's underwriters have also been granted a 30-day purchase option for up to an additional 217,500 units.
TransMontaigne said it expected to be a buyer itself, with the intention of maintaining its 2% general partner interest.
The company said it plans to also use the proceeds of the issue for debt repayment and to help fund its portion of the construction costs of Battleground Oil Specialty Terminal Company, a joint venture it operates with Kinder Morgan Energy Partners.
The joint book-running managers of the issue are Morgan Stanley, Bank of America unit Merrill Lynch, Citigroup, and Wells Fargo's Securities arm. The offering is expected to close on July 24.
At the moment, TransMontaigne Partners has nearly 14.5 million units outstanding, and its most recent closing unit price was $43.32.
The article TransMontaigne Partners Floats New Unit Issue originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Wells Fargo and owns shares of Bank of America, Citigroup, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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