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Hi-Crush Partners LP announces acquisition of Hi-Crush Augusta LLC; updates Q1 2014 EBITDA outlook to a range below analysts' estimates


Tuesday, 8 Apr 2014 04:00pm EDT 

Hi-Crush Partners LP:Enters into a contribution agreement with Hi-Crush Proppants LLC (the Sponsor) to acquire certain equity interests in Hi-Crush Augusta LLC (Augusta), the entity that owns the Sponsor`s raw frac sand processing facility located in Augusta, Wisconsin.Under the terms of the transaction, the partnership will pay cash consideration of $224.25 mln.At the closing of the acquisition, the partnership`s preferred equity interest in Augusta will be converted into common equity interests in Augusta, and the Partnership will own 98 pct of Augusta`s common equity interests.Acquisition is expected to close by mid-May 2014.Barclays acted as financial advisor to Hi-Crush Proppants LLC.Expects Q1 2014 EBITDA to be in the range of $18.8-$19.5 mln.Q1 2014 EBITDA of $22.3 mln - Thomson Reuters I/B/E/S. 

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69.497
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