October 26, 2017 / 10:49 AM / 2 months ago

BRIEF-Valero Energy Partners LP announces acquisitions of Port Arthur Terminal assets and Parkway Pipeline LLC for $508 mln

Oct 26 (Reuters) - Valero Energy Partners LP

* Valero Energy Partners LP announces acquisitions of the Port Arthur Terminal assets and Parkway Pipeline LLC for $508 million

* Valero Energy Partners LP - ‍ To finance acquisitions primarily with borrowings under revolving credit facility, cash on hand

* Valero Energy Partners - ‍Newly issued units will be allocated in proportion allowing general partner to maintain 2 percent general partner interest​

* Valero Energy Partners LP - ‍Upon closing partnership plans to enter into separate 10-year terminaling and transportation agreements with Valero​

* Valero Energy Partners LP - ‍ To also finance acquisitions primarily with issuance of additional common units, general partner units to Valero units​

* Valero Energy - ‍In first 12 mths, acquired operations expected to contribute about $24 million and $60 million of net income and EBITDA, respectively​ Source text for Eikon: Further company coverage:

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