TransMontaigne Partners LP (NYSE:TLP) has increased its quarterly distribution by $0.01. Its current distribution now stands at $0.60 per unit for the period from January 1 to March 31, 2010. Unitholders of record as of April 30, 2010 will be eligible to receive payment. The dividend will be paid on May 11, 2010.
TransMontaigne recently closed a common unit offering of 2,012,500 units. The net proceeds totaled $52,146,000 and will be used to reduce the company’s indebtedness outstanding under the Partnership’s senior secured credit facility. Joint book running managers for the offering included Morgan Stanley & Co. Incorporated, and Wells Fargo Securities, LLC.
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TransMontaigne Partners L.P. (Partners) is a terminaling and transportation company with operations primarily in the United States along the Gulf Coast, in the Midwest, in Brownsville, Texas, along the Mississippi and Ohio Rivers, and in the Southeast. The Company provides integrated terminaling, storage, transportation and related services for customers engaged in the distribution and marketing of light refined petroleum products, heavy refined petroleum products, crude oil, chemicals, fertilizers and other liquid products. Light refined products include gasoline, diesel fuels, heating oil and jet fuels. Heavy refined products include residual fuel oils and asphalt. TransMontaigne Inc. is an indirect wholly owned subsidiary of Morgan Stanley. Partners is controlled by its general partner, TransMontaigne GP L.L.C., which is an indirect wholly owned subsidiary of TransMontaigne Inc.
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