American Midstream Enters Definitive Agreement to Sell Marine Products Terminals; Executing on Capital Allocation Strategy and Deleveraging Plan

HOUSTON, June 18, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID" or "Partnership") today announced it has entered into a definitive agreement for the sale of its marine products terminalling business (the "Marine Products Terminals") to institutional investors advised by J.P. Morgan Asset Management, for approximately $210 million in cash, subject to working capital adjustments. The transaction is expected to close in the third quarter of 2018.

The divestiture of the Marine Products Terminals, including the Harvey and Westwego terminals located in the Port of New Orleans and the Brunswick terminal located in the Port of Brunswick in Georgia, is a continuation of the Partnership's previously announced non-core asset divestiture program. The divestiture of the Marine Products Terminals further simplifies AMID's business profile, providing the foundation to further scale the Partnership's core strategic assets.

The transaction demonstrates the Partnership's continued ability to execute on its strategy of generating internal capital from high value non-core assets. The immediate use of these proceeds will go toward reducing indebtedness under the Partnership's revolving credit facility, as well as general corporate purposes. Further debt reduction will provide the Partnership with a more flexible capital structure, which will enable the Partnership to further enhance liquidity as it continues to execute on strategic growth initiatives.    

As previously announced, on June 1, 2018, the Partnership and Southcross Energy Partners, L.P. and Southcross Holdings LP (collectively, "Southcross") extended the outside date for closing their previously announced combination to June 15, 2018.  Notwithstanding the passing of this outside date, the Partnership, along with Southcross, continues to work to close the combination, while striving to create the appropriate capital structure for the combined entity going forward.

Closing of the sale of the Marine Products Terminals is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act.

Bank of America Merrill Lynch acted as exclusive financial advisor and Sidley Austin LLP served as legal counsel to American Midstream for the Marine Products transaction.

About American Midstream Partners, LP

American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.

For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "could," "expect," "intend," "may," "strive," "will," "would," and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. 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. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.

Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com

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SOURCE American Midstream Partners, LP