BP Midstream uses revolver borrowings to acquire interests from BP

By Sarah Lizee

Olympia, Wash., Oct. 2 – BP Midstream Partners LP used borrowings under its revolving credit facility to acquire equity interests in three companies from indirect wholly owned subsidiaries of BP plc, according to an 8-K filing with the Securities and Exchange Commission.

BP Midstream acquired an additional 45% interest in Mardi Gras Transportation System Co. LLC from BP Pipelines (North America) Inc., a 25% interest in KM Phoenix Holdings LLC from BP Products North America Inc. and a 22.6916% interest in URSA Oil Pipeline Co. LLC from BP Offshore Pipelines Co. LLC for a total consideration of $468 million.

The master limited partnership was formed by London-based BP plc’s U.S. pipeline unit to transport crude oil and refined products. The MLP is based in Houston.

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