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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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November 26, 2014
16:07 EDTKMPKinder Morgan closes merger transaction
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November 20, 2014
13:04 EDTKMPKinder Morgan announces shareholder approval of merger transactions
Kinder Morgan (KMI) announced that at special meetings held by each of KMI, Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB), unitholders and shareholders approved all proposals related to the merger transactions previously announced on Aug. 10. More than 95% of the votes cast at the special meeting of each company were voted in favor of the proposals related to the merger transactions. The deadline for KMP and EPB unitholders to elect the form of consideration they wish to receive in each of KMP’s and EPB’s pending mergers with KMI is 5:00 p.m. ET on Nov. 24, 2014. The election deadline may be extended, in which case KMI will issue a press release announcing the new election deadline. The closing of each merger is expected to occur on Nov. 26, 2014. Accordingly, it is expected that Nov. 26 will be the last trading day for KMP and EPB units as well as KMR shares.
09:43 EDTKMPKinder Morgan to host special shareholder meeting
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November 17, 2014
07:33 EDTKMPMatrix Service awarded EPC contract by Kinder Morgan Energy
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November 14, 2014
07:05 EDTKMPKinder Morgan says expected closing date of merger Nov. 24
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