Paul Hastings Advises Morgan Stanley in $750 Million Financing of ArcLight Capital Partners’ Purchase of Pennsylvania Refined Products Terminal Network Penn Products Terminals, LLC
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.
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.
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