A wholly-owned subsidiary of USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that it has 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”). Upon the terms and subject to the conditions set forth in the Purchase Agreement, the Partnership agreed to sell its Casper rail terminal, by means of a sale of all of the equity interests of the subsidiary which owns the terminal, to the Buyer for a cash purchase price of approximately $33.0 million (the “Transaction”), subject to customary adjustments. The Transaction is expected to close prior to the end of the second quarter of 2023. The Partnership intends to use a majority of the proceeds from the Transaction, net of expenses, to repay borrowings outstanding under the Partnership’s revolving credit facility and to retain the remaining proceeds to support general Partnership purposes.
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