TRANSMONTAIGNE PARTNERS L.P. (NYSE:TLP) Files An 8-K Entry into a Material Definitive Agreement

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TRANSMONTAIGNE PARTNERS L.P. (NYSE:TLP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

On August4, 2017 TransMontaigne Partners L.P. (“TLP”) entered into a Right of First Offer Agreement (the “ROFO Agreement”) with Pike West Coast Holdings, LLC (“Pike”), a subsidiary of [ArcLight Energy Partners Fund VI, L.P.] (“ArcLight”). Pike owns 50% of the outstanding membership interests (the “Membership Interests”) of SeaPort Midstream Holdings, LLC (“SMH”) and SMH owns an equity interest in SeaPort Midstream Partners, LLC (“SMP”). TLP is controlled by its general partner, TransMontaigneGP L.L.C., which is a wholly-owned indirect subsidiary of ArcLight.

SMH previously signed definitive agreements with BP West Coast Products LLC (“BP”) as a result of which they will form SMP, a joint venture between SMH and BP across refined product logistics infrastructure assets in the US Pacific Northwest; including as of the date hereof, the acquisition of two refined product terminals in Seattle, Washington and Portland, Oregon. The transaction is expected to close in late 2017, subject to customary approvals. TLP Management Services, LLC an ArcLight subsidiary, will operate the terminals under a multi-year operating agreement.

to the ROFO Agreement and in exchange for $100 and other good and valuable consideration, Pike granted TLP a right of first offer to acquire the Membership Interests, subject to the closing of the joint venture transaction between SMH and BP. In the event that Pike intends to sell, assign, transfer or convey, by merger, consolidation or otherwise, all or any portion of the Membership Interests to any third party, then Pike shall give written notice thereof to TLP. For a period of 30 days after delivery of such notice to TLP, TLP shall have the right, but not the obligation, to submit a written offer to purchase the subject Membership Interests. In the event that Pike elects to accept TLP’s purchase offer, then Pike shall be bound to transfer to TLP, and TLP shall be bound to purchase from Pike, the subject Membership Interests on the terms and conditions set forth in TLP’s offer notice, with such modifications as may be mutually agreed upon by TLP and Pike. In the event that either (i)an offer is made and Pike rejects such offer or (ii)no offer is made by TLP within the 30-day period, then for a 120-day period after the date on which Pike rejects the TLP offer or the first date after the last day on which TLP was permitted to make an offer, as applicable, Pike may solicit an offer to purchase the subject Membership Interests from one or more third parties as Pike may determine in its discretion, subject to the terms and conditions in the ROFO Agreement.

The ROFO Agreement will automatically terminate without action by either party if the SMP joint venture transaction is terminated in accordance with its terms prior to closing. TLP’s rights under the ROFO Agreement shall expire on the fourth anniversary of the closing of the SMP joint venture transaction. In addition, Pike shall have the right, but not the obligation, to terminate the ROFO Agreement upon written notice to TLP at any time after TLP ceases to be controlled by ArcLight Capital Partners, LLC.

The description of the ROFO Agreement does not purport to be complete and is qualified in its entirety by reference to the ROFO Agreement filed as Exhibit10.1 to this report, and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

ExhibitNo.

DescriptionofExhibit

10.1

Right of First Offer Agreement dated as of August4, 2017, by and between Pike West Coast Holdings, LLC and TransMontaigne Partners L.P.


TransMontaigne Partners L.P. Exhibit
EX-10.1 2 a17-19087_1ex10d1.htm EX-10.1 Exhibit 10.1   RIGHT OF FIRST OFFER AGREEMENT   This RIGHT OF FIRST OFFER AGREEMENT (this “Agreement”) is dated as of August 4,…
To view the full exhibit click here

About TRANSMONTAIGNE PARTNERS L.P. (NYSE:TLP)

TransMontaigne Partners L.P. (TransMontaigne Partners) is a terminaling and transportation company with operations in the United States along the Gulf Coast, in the Midwest, in Brownsville, Texas, along the Mississippi and Ohio Rivers, and in the Southeast. Its segments are Gulf Coast terminals, Midwest terminals and pipeline system, Brownsville terminals, River terminals and Southeast terminals. The Company provides integrated terminaling, storage, transportation and related services for customers engaged in the distribution and marketing of light refined petroleum products, heavy refined petroleum products, crude oil, chemicals, fertilizers and other liquid products. Light refined products include gasolines, diesel fuels, heating oil and jet fuels. Heavy refined products include residual fuel oils and asphalt. It manages and operates tank capacity at its Port Everglades (South) terminal for an oil company.