American Midstream to reduce revolver debt via business sale proceeds

By Sarah Lizee

Olympia, Wash., Aug. 1 – American Midstream Partners, LP plans to reduce debt under its revolving credit facility using proceeds from the sale of its marine products terminalling business, according to a press release.

The company announced on Wednesday that it closed the previously announced sale of the business to institutional investors advised by J.P. Morgan Asset Management for about $210 million in cash.

American Midstream said the successful completion of this transaction “strengthens the partnership's balance sheet and supports its deleveraging plan, while demonstrating the partnership's ability to execute on its revised capital allocation strategy.”

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

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