Azure Midstream Energy LLC announced the successful completion of its acquisition of: 100% of Marlin Midstream GP LLC, Marlin Midstream Partners LP’s (Nasdaq: FISH) general partner; 90% of the general partner’s incentive distribution rights in Marlin; an option to acquire 20% of NuDevco Midstream Development LLCs 10.7 million limited partnership units in Marlin.
In a separate transaction, the partnership acquired Azure’s Legacy gathering system for $162.5 million in cash.
At closing, Azure used $95 million of proceeds from the Legacy contribution to reduce indebtedness on its term loan. Pro forma for the transaction, Azure has $428 million outstanding and a debt reduction goal of $200 million in 2015.
In addition to its ownership of Marlin, Azure provides gas gathering, compression, treating and processing services in north Louisiana and east Texas in the Haynesville and Bossier Shale formations.
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