American Midstream draws from revolver as part of Panther acquisition

By Sarah Lizee

Olympia, Wash., Aug. 8 – American Midstream Partners, LP used $39 million in borrowings under its revolving credit facility and issued common units to acquire Panther Asset Management, LLC, according to a news release.

The total transaction price was $52 million.

Combined with the acquisition of Viosca Knoll on June 2, American Midstream has redeployed $85 million of the anticipated proceeds from the sale of the partnership’s propane marketing and services business announced on July 24, the release said.

The acquisition of Panther is accretive to 2017 adjusted EBITDA and distributable cash flow and is expected to earn returns consistent with a mid-single digit cash flow multiple.

Houston-based American Midstream Partners owns, operates, develops and acquires natural gas midstream energy assets.

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