As part of the transaction, SemCrude transferred a take-or-pay, fee-based agreement to SemGroup Energy Partners (SGLP) that requires substantially all of the two million barrels of new storage for a third-party customer. SemCrude is a subsidiary of the privately owned SemGroup.
The acquisition increases SGLP’s total storage capacity to more than 15 million barrels. SGLP funded the acquisition from additional borrowings under its credit facility.
