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TransMontaigne to repay bank debt with common units proceeds
By Sara Rosenberg
New York, May 18 - TransMontaigne Partners LP plans to reduce debt under its senior secured credit facility using proceeds from an offering of 4.8 million common units at a price of $36.80 per unit, according to a company news release.
Net proceeds from the offering are $167.4 million.
In addition to repaying bank debt, proceeds will be used for general business purposes, future acquisitions, capital expenditures and working capital.
TransMontaigne is a Denver-based refined petroleum products terminaling and pipeline company.
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