TransMontaigne Partners has completed the acquisition of the Martinez Terminal and Richmond Terminal from an affiliate of Plains All American Pipeline.
As a result of the West Coast Acquisition, the Partnership has expanded its storage and terminaling footprint into the San Francisco Bay Area refining complex. Plains will continue to operate the terminals on behalf of the Partnership until the Partnership receives all permits and approvals necessary to operate the terminals, which we expect to occur by the end of February 2018.
The Partnership funded the purchase price for the West Coast Acquisition with borrowings under its revolving credit facility. In connection with closing the West Coast Acquisition, the Partnership amended the revolving credit facility to increase the lender commitments from $600 million to $850 million, and the lender commitments may be further increased under certain conditions to $1.1 billion through an accordion feature.