USD Partners completes acquisition of Hardisty South Terminal for $75M cash + 5.75M units; eliminates IDRs

USD Partners LP

Acquired Hardisty South Terminal from USD Group for $75M cash and ~5.75M common units.
Eliminated sponsor's incentive distribution rights and converted GP's 1.6% economic interest to non-economic.
After closing, USD Group owns 51.9% of USDP (17.3M common units outstanding).
Combined Hardisty Terminal capacity now 262,500 barrels per day (3.5 unit trains).
Cash portion funded via borrowings under $275M senior secured credit facility.

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