CorEnergy Completes $125 Million Acquisition of MoGas Pipeli
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This news is classified in: Traditional Energy

Nov 25, 2014

CorEnergy Completes $125 Million Acquisition of MoGas Pipeline

CorEnergy, today announced that it has closed its previously announced acquisition of the ownership and operations of the MoGas Pipeline System for $125 million in cash. In connection with the consummation of the acquisition, the Company has entered into a newly amended revolving credit facility with borrowing capacity of up to $93 million in aggregate.

“We are pleased to add this strategic asset to our energy infrastructure portfolio,” said David Schulte, Chief Executive Officer of CorEnergy. “We expect that future opportunities associated with this transaction together with enhanced liquidity under our credit facility will provide further growth and diversification to our asset base, which will ultimately benefit our shareholders.”

“We are delighted by this new partnership with CorEnergy,” said Cy Zebot, President of MoGas Pipeline, LLC. “This transaction continues to support MoGas’ high-quality natural gas transportation services. In addition, by retaining all of MoGas’ talented employees, the transition should be seamless and transparent, enabling MoGas to serve its customers most effectively.”

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CorEnergy Infrastructure Trust, Inc.