Brief: CPLP To Spin Off Crude, Product Tanker Business And Merge With DSS Holdings

Capital Clean Energy Carriers

28/11/2018 03:25

Nov 27 (Reuters) - Capital Product Partners LP  CPLP.O :
    * CPLP TO SPIN OFF ITS CRUDE AND PRODUCT TANKER BUSINESS AND
MERGE
IT WITH DSS HOLDINGS L.P.’S BUSINESS AND OPERATIONS
    * SAYS TRANSACTION IS VALUED ON AN NAV-TO-NAV BASIS WITH
CPLP
RECEIVING $23 MILLION IN CONSIDERATION
    * SAYS CPLP UNITHOLDERS ALSO WILL CONTINUE TO OWN THEIR CPLP
UNITS
    * SAYS CPLP INTENDS TO EFFECT A REVERSE UNIT SPLIT PROMPTLY
AFTER
CLOSING OF TRANSACTION
    * CAPITAL PRODUCT PARTNERS - EXPECTS TO ADOPT NEW ANNUAL
COMMON
UNIT QUARTERLY DISTRIBUTION GUIDANCE OF $0.045 GOING FORWARD IN
VIEW OF THIS TRANSACTION
    * CAPITAL PRODUCT PARTNERS-DSS ENTERED INTO SEVERAL
COMMITMENTS
FOR SYNDICATED 5-YEAR TERM LOAN, REVOLVING CREDIT FACILITY OF UP
TO $360 MILLION
    * SAYS NEW CO TO BE CALLED DIAMOND S SHIPPING INC
    * CAPITAL PRODUCT PARTNERS SAYS NEW CO EXPECTED TO BE LISTED
ON
NEW YORK STOCK EXCHANGE AND WILL BE HEADQUARTERED IN GREENWICH,
CONNECTICUT
    * CAPITAL PRODUCT PARTNERS-PROCEEDS FROM CREDIT FACILITY TO
BE
USED TO PARTIALLY PREPAY PORTION OF LOANS OUTSTANDING UNDER CO'S
EXISTING CREDIT FACILITIES
    * SAYS $1.65 BILLION TRANSACTION INVOLVING 68 TANKERS

Source text for Eikon:  ID:nGNX4n2BSx 
Further company coverage:  CPLP.O 

 ((Reuters.Briefs@thomsonreuters.com;))