TransMontaigne amends revolver, uses borrowings for acquisition

By Sarah Lizee

Olympia, Wash., Dec. 18 – TransMontaigne Partners LP subsidiary TransMontaigne Operating Co. LP amended its third amended and restated senior secured credit facility on Thursday with Wells Fargo Bank, NA as administrative agent in connection with an acquisition, according to an 8-K filed with the Securities and Exchange Commission.

The amendment increased lender commitments to $850 million from $600 million, which may be further increased to $1.1 billion through an accordion feature.

On Monday, the partnership announced the closing of its acquisition of the Martinez terminal and Richmond terminal from Plains Products Terminals LLC, a subsidiary of Plains All American Pipeline, LP. The company used borrowings under the revolver to fund the acquisition.

TransMontaigne is a Denver-based refined petroleum products marketing and distribution company.

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