EV Energy Partners LP (NASDAQ: EVEP) announced Oct. 20 it closed the sale of its 9% interest in Cardinal Gas Services LLC (CGS) to E1 and a Korean consortium led by Samchully Asset Management Co. Ltd. for $162 million.
The sale was made in conjunction with France's Total SA (NYSE: TOT), which also sold its 25% interest in CGS for roughly $450 million.
EVEP intends to use the net proceeds of the disposition to repay amounts outstanding under its revolving credit facility. Availability under the revolving credit facility may be used to fund future activities, including acquisitions of oil and natural gas properties.
BofA Merrill Lynch was financial adviser on the transactions.
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