Houston, May 13, 2015 (GLOBE NEWSWIRE) -- Shell Midstream Partners, L.P. (NYSE: SHLX) today announced the execution of an agreement with a group of institutional investors to sell 7,692,308 common units representing limited partner interests in a private placement. Shell Midstream Partners expects to receive gross proceeds of $300 million. The proceeds will be used to partially fund the acquisition of additional ownership interests in Zydeco Pipeline Company, LLC and Colonial Pipeline Company from Shell Pipeline Company LP. The private placement is expected to close May 18, 2015 in conjunction with the closing of the acquisition, both of which are subject to customary closing conditions.
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein.
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About Shell Midstream Partners, L.P.
Shell Midstream Partners is a fee-based, growth-oriented midstream
master limited partnership formed by Royal Dutch Shell to own,
operate, develop and acquire pipelines and other midstream assets.
Shell Midstream Partners' assets consist of interests in entities
that own crude oil and refined products pipelines serving as key
infrastructure to transport growing onshore and offshore crude oil
production to Gulf Coast refining markets and to deliver refined
products from those markets to major demand centers.
FORWARD-LOOKING STATEMENTS
This press release includes various "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact are, or may be deemed to be, forward-looking
statements. Forward-looking statements are statements of future
expectations that are based on management's current expectations
and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in
these statements. Forward-looking statements include, among other
things, statements concerning the potential exposure of Shell
Midstream Partners, L.P. to market risks and statements expressing
management's expectations, beliefs, estimates, forecasts,
projections and assumptions. You can identify our forward-looking
statements by words such as "anticipate", "believe", "estimate",
"expect", "forecast", "goals", "objectives", "outlook", "intend",
"plan", "predict", "project", "risks", "schedule", "seek",
"target", "could", "may", "will", "should" or "would" or other
similar expressions that convey the uncertainty of future events or
outcomes. In accordance with "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, these statements
are accompanied by cautionary language identifying important
factors, though not necessarily all such factors, which could cause
future outcomes to differ materially from those set forth in
forward-looking statements. In particular, expressed or implied
statements concerning future actions, conditions or events, future
operating results or the ability to generate sales, income or cash
flow or to make distributions are forward-looking statements.
Forward-looking statements are not guarantees of performance. They
involve risks, uncertainties and assumptions. Future actions,
conditions or events and future results of operations may differ
materially from those expressed in these forward-looking
statements. Forward-looking statements speak only as of the date of
this press release, May 13, 2015, and we disclaim any obligation to
update such statements for any reason, except as required by law.
All forward-looking statements contained in this document are
expressly qualified in their entirety by the cautionary statements
contained or referred to in this paragraph. Many of the factors
that will determine these results are beyond our ability to control
or predict. These factors include the risk factors described in
Part I, Item 1A. "Risk Factors" in our Annual Report on Form
10-K filed with the SEC on March 25, 2015. If any of those risks
occur, it could cause our actual results to differ materially from
those contained in any forward-looking statement. Because of these
risks and uncertainties, you should not place undue reliance on any
forward-looking statement.