USD Partners LP sells Casper rail terminal for ~$33M; proceeds to repay debt

USD Partners LP

Sold Casper rail terminal to South 49 Holdings Ltd. for ~$33M cash.
Transaction expected to close before end of Q2 2023.
Majority of proceeds to repay revolving credit facility; remainder for general purposes.
CEO cites commitment to converting dilbit capacity to DRUbit program at Hardisty Terminal.
Piper Sandler served as exclusive financial advisor.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

USD Partners LP entered into Membership Interest Purchase Agreement with South 49 Holdings Ltd. valued at approximately $33 million (effective 2023-03-20).

Action: entry
Agreement: asset purchase
Counterparty: South 49 Holdings Ltd.
Value: approximately $33 million
Effective: 2023-03-20

Exact text from the filing

On March 20, 2023, USDP CCR LLC (the “Seller”), an indirect, wholly-owned subsidiary of USD Partners LP (the “Partnership”), entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with South 49 Holdings Ltd., a member of the Midstream Energy Partners group of companies (collectively, the “Buyer”).

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USD Partners LP filing history →

Source: SEC EDGAR

accession 0001193125-23-077912

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