left-caret
News

News

Paul Hastings Advises CST Brands in Drop Down Transaction to CrossAmerica Partners

December 17, 2014

Houston, TX-- Paul Hastings LLP, a leading global law firm, announced today that the firm represented CST Brands, Inc. (NYSE:CST) in the sale of a 5% interest in CST’s wholesale fuel supply business to CrossAmerica Partners LP (NYSE:CAPL) for a total consideration of $50.4 million, effective January 1, 2015.  CST Brands will receive approximately 1.5 million newly issued CrossAmerica common units as consideration for this transaction. CST Brands is the owner of the general partner of CrossAmerica Partners.

CST’s whole sale fuel supply business provides fuel to substantially all of CST’s U.S. company operated convenience stores and is expected to earn a net profit margin of approximately 5 cents per gallon pursuant to a Fuel Distribution Agreement with a minimum term of 10 years and certain minimum volume commitments.  

Energy partner

 led the Paul Hastings team, which also included Energy partner , Tax partner  and associate

Paul Hastings’ Houston office also recently advised the

 (NYES:CMLP) in Crestwood’s $130 million joint purchase with Brookfield Infrastructure of the Tres Palacios gas storage facility from Crestwood Equity Partners LP (NYSE:CEQP),  in a $200 million equity commitment from Riverstone Holdings LLC, . in its new $800 million revolving credit facility, CST Brands, Inc. (NYSE:CST) in its purchase of the general partner of  (NYSE:CAPL), Tall Oak Midstream, LLC with an equity commitment of $400 million from private equity firm  and Tall Oak management, Tall Oak Midstream, LLC in its $100 million senior credit facility,  in the purchase of substantially all of the assets of GeoMet, Inc., and  in a $300 million public offering.

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.

Practice Areas


SIGN UP FOR NEWS INSIGHTS

MEDIA CONTACTS

Firmwide Inquiries
Arielle Lapiano
Submission Requests
Alan Wright
Corporate, Litigation, Real Estate, and Tax
Scott Wasserman
Intellectual Property, Life Sciences, and Employment
Becca Hatton
Europe
Rostrum