American Midstream announces amendments

American Midstream Partners, LP has announced an amendment to the previously announced private placement of common units. In July, the Partnership announced the execution of an agreement with a group of institutional investors to sell common units in a private placement. On 15th August, 2014, and as a result of the previously announced modification of the acquisition of assets from DCP Midstream, LLC, the Partnership amended the common unit purchase agreement to change the common units to be sold in the private placement from US$ 200 million to approximately US$ 120 million.

The Partnership expects to issue approximately 4.6 million common units upon closing the transaction on 20th August, 2014. The Partnership intends to use the net proceeds from the private placement to support future growth and for general partnership purposes.

“We are pleased to announce a private placement to fund our near-term growth initiatives,” said Steve Bergstrom, Executive Chairman, President and Chief Executive Officer. “We continue to focus on increasing the liquidity of our common units and we appreciate the support of the institutional investors that participated in the offering. We are demonstrating the ability to build scale through acquisitions and asset development projects, and I am confident that with the growth projects currently underway, as well as acquisitions, drop downs, organic growth and asset development opportunities we are pursuing, we will continue to deliver long-term, sustainable distribution growth.”

Adapted from press release by Hannah Priestley-Eaton

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