USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that it
has commenced an underwritten offering to sell 3,000,000 common units
representing limited partner interests in the Partnership (the “Common
Units”) or up to an aggregate of 3,450,000 Common Units if the
underwriter exercises its option to purchase additional Common Units in
full (the “Offering”).
The Partnership intends to use the net proceeds from the Offering for
general partnership purposes, including to repay outstanding
indebtedness incurred under its revolving credit facility, a portion of
which was used to fund the purchase price for the acquisition of a crude
oil terminal in Stroud, Oklahoma. Amounts repaid under the revolving
credit facility may be re-borrowed to fund future acquisitions,
expansion capital expenditures and for general partnership purposes.
Goldman Sachs & Co. LLC is acting as the sole underwriter for the
Offering.
A registration statement relating to these securities has been filed
with the Securities and Exchange Commission (the “SEC”) and is
effective. The Offering will be made only by means of a prospectus
supplement and an accompanying prospectus. Copies of the preliminary
prospectus supplement and the accompanying prospectus relating to the
Offering may be obtained for free by visiting the SEC’s website at www.sec.gov.
Alternatively, copies may be obtained by contacting Goldman Sachs & Co.
LLC, Prospectus Department, 200 West Street, New York, NY 10282,
telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.
This press release does not constitute an offer to purchase securities
or a solicitation of an offer to sell any securities or an offer to sell
or the solicitation of an offer to purchase any securities, nor does it
constitute an offer or solicitation in any jurisdiction in which such
offer or solicitation is unlawful.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited
partnership formed in 2014 by US Development Group LLC to acquire,
develop and operate energy-related logistics assets, including rail
terminals and other high-quality and complementary midstream
infrastructure. The Partnership’s assets consist primarily of: (i) a
crude oil origination terminal in Hardisty, Alberta, Canada, with
capacity to load up to two 120-railcar unit trains per day, (ii) a crude
oil terminal in Casper, Wyoming, with unit train-capable railcar loading
capacity in excess of 100,000 barrels per day and six customer-dedicated
storage tanks with 900,000 barrels of total capacity and (iii) a unit
train-capable ethanol destination terminal in West Colton, California.
In addition, the Partnership provides railcar services through the
management of a railcar fleet that is committed to customers on a
long-term basis.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of U.S. federal securities laws, including statements with
respect to the amount and timing of the public offering and the use of
proceeds therefrom. Words and phrases such as “is expected,” “is
planned,” “believes,” “projects,” and similar expressions are used to
identify such forward-looking statements. However, the absence of these
words does not mean that a statement is not forward-looking.
Forward-looking statements relating to the Partnership are based on
management’s expectations, estimates and projections about the
Partnership, its interests and the energy industry in general on the
date this press release was issued. These statements are not guarantees
of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual outcomes
and results may differ materially from what is expressed or forecast in
such forward-looking statements. Factors that could cause actual results
or events to differ materially from those described in the
forward-looking statements include those as set forth under the heading
“Risk Factors” in the Partnership’s most recent Annual Report on Form
10-K and in our subsequent filings with the Securities and Exchange
Commission. The Partnership is under no obligation (and expressly
disclaims any such obligation) to update or alter its forward-looking
statements, whether as a result of new information, future events or
otherwise.
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