Enterprise pays final installment for EFS Midstream assets

Enterprise Products Partners L.P. has paid the second, and final, installment of US$1.0 billion to acquire 100% of the membership interests in EFS Midstream LLC (EFS Midstream). Consistent with the terms of the transaction, the payment comes within one year of the initial US$1.15 billion Enterprise paid when it closed on the purchase of EFS Midstream on 8 July 2015.

After the US$1.0 billion payment for the member interests in EFS Midstream, Enterprise has consolidated liquidity of approximately US$4.0 billion, which is comprised of unrestricted cash on hand and available borrowing capacity under its US$4.0 billion multi-year revolving credit facility and US$1.5 billion 364 day credit facility.

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Its services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil gathering, transportation, storage and terminals; petrochemical and refined products transportation, storage and terminals; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets include approximately 49 000 miles of pipelines; 250 million bbls of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion ft³ of natural gas storage capacity.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.hydrocarbonengineering.com/refining/12072016/enterprise-pays-final-installment-for-efs-midstream-assets-3681/