New York, NY
- Paul Hastings LLP, a leading global law firm, announced today that it represented Morgan Stanley Senior Funding, Inc. in connection with the $750 million financing of private equity firm ArcLight Capital Partners’ acquisition of a network of 12 refined products storage terminal facilities in Pennsylvania19 energy companies based in Pennsylvania.
In the transaction, Penn Products Terminals, a newly-formed portfolio company, acquired Pyramid LLC, formerly, Petroleum Products Corporation, a petroleum pipeline terminals and logistics business. Pyramid stores gasoline, diesel fuel, heating oil, heating oil kerosene, ethanol and biodiesel and is a leading distributor of these products to customers in Pennsylvania and six surrounding states. The acquisition includes Penn Products Terminals, LLC and certain of its affiliates (including the successor to Petroleum Products Corporation), a large, privately-held petroleum pipeline terminals and logistics business based in Pennsylvania.
Leveraged Finance partner John Cobb
led the Paul Hastings team, which included of counsel Benjamin Cheng
and associates Julie Park
and Andrew Jenkinson
The firm also recently advised on the financing of another ArcLight Energy Capital Partners transaction, Chief Power Finance, LLC’s acquisition of coal-fired power plants in Pennsylvania. Paul Hastings is a leading global law firm with a strong presence throughout Asia, Europe, Latin America, and the United States. Through a collaborative approach, entrepreneurial spirit, and commitment to client service, the professionals of Paul Hastings deliver innovative solutions to many of the world’s top financial institutions and Fortune 500 companies.