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CorEnergy Infrastructure Trust Acquires Crimson Midstream Holdings for $350 Million

· 02/05/2021 00:44

05:41 AM EST, 02/05/2021 (MT Newswires) -- CorEnergy Infrastructure Trust (CORR) said Thursday that it has acquired crude oil pipeline owner and operator Crimson Midstream Holdings, LLC for approximately $350 million.

Crimson's assets include four critical infrastructure pipeline systems covering approximately 1,800 miles across northern, central and southern California.

According to CorEnergy, the transaction consists of $75.6 million of cash on hand, $105 million in new term loan and revolver borrowings, contribution of the Grand Isle Gathering System to the sellers, $119.4 million of commitments to issue common and preferred equity.

The transaction will result in ownership of six pipeline systems in three markets, the company added.

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