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Stock Market & Financial Investment News

News Breaks
December 20, 2012
14:39 EDTKMP, TLPTransmontaigne Partners acquires ownership interest in BOSTCO project
TransMontaigne Partners (TLP) announced that effective December 20, it acquired a 42.5% ownership interest for approximately $79M in Battleground Oil Specialty Terminal Company (BOSTCO), which is developing a new black oil terminal facility on the Houston Ship Channel for handling residual fuel, feedstocks, distillates and other black oils. In connection with its acquisition, TLP has committed to make its pro rata share of the future capital contributions required to complete the initial phase of the BOSTCO project. The initial phase of the BOSTCO project, which is supported by long term contracts with customers, involves construction of 50 storage tanks with approximately 6.1M barrels of storage capacity at an estimated cost of approximately $425M. The BOSTCO facility's docks will benefit from one of the deepest vessel drafts and nearest access points in the Houston Ship Channel and will be well positioned to capitalize on increasing exports of petroleum related products. Our investment in BOSTCO was funded with cash on hand and borrowings under our amended and restated senior secured credit facility provided by a syndicate of banks. In connection with our investment in BOSTCO, our credit facility was amended to increase the maximum revolving credit amount from $250M-$350M. The BOSTCO facility is scheduled to begin initial commercial operation in the fourth quarter of 2013. Completion of the full 6.1M barrels of storage capacity and related infrastructure is scheduled for early 2014. A subsidiary of Kinder Morgan Energy Partners, L.P. (KMP) will manage the day to day operations of the BOSTCO project.
News For TLP;KMP From The Last 14 Days
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December 10, 2014
07:45 EDTTLPWells Fargo to hold a symposium
2014 Wells Fargo Energy Symposium is being held in New York on December 9-10; with webcasted company presentations to begin on December 10 at 8 am; not all company presentations may be webcasted. Webcast Link

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