Valero Energy Partners to draw $139 million on revolver for purchase

By Marisa Wong

Morgantown, W.Va., March 28 – Valero Energy Partners LP said it expects to use $139 million of borrowings under its revolving credit facility to help finance its acquisition of the McKee terminal services business from a subsidiary of Valero Energy Corp.

The company also plans to use $65 million of cash and issue additional common units and general partner units to finance the acquisition.

The transaction is valued at $240 million.

Valero Energy Partners is a San Antonio-based master limited partnership formed by Valero to own, operate, develop and acquire crude oil and refined products pipelines, terminals and other transportation and logistics assets. The terminal business to be acquired supports Valero’s McKee refinery in Sunray, Texas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.