Martin Midstream to Sell Corpus Christi Terminal Assets
Martin Midstream Partners will sell some of its Corpus Christi, TX terminal assets to NuStar Logistics for $107 million, plus the reimbursement of certain capital expenditures and prepaid items.
Among the assets, Martin is selling a 900,000 bbl crude oil storage terminal, a refined product barge terminal, certain pipelines and related easements, as well as dockage and trans-loading assets. The transaction is expects to close before the end of 2016.
“Given our focus on reduction of leverage, we feel this asset sale and distribution right-sizing are prudent moves for the partnership at this time,” said Ruben Martin, president and CEO of Martin. “Together, these two actions should provide a sound catalyst to reducing our currently elevated cost of capital by de-levering and improving increased distribution coverage to our unit-holders.”
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