Finance & Investing | Capital Markets
Dakota Lands Financing for Pioneer Terminal Expansion
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Dakota Plains Holdings Inc. has reported the execution of a new credit facility.
An affiliate of World Fuel Services, the parent company of Dakota Plains' joint venture partner in New Town, North Dakota, is providing a term loan with up to $20 million in available funds that will finance a portion of Dakota Plains' share of the Pioneer Terminal expansion project. As previously announced, the Pioneer Terminal expansion project provides a double loop track that will accommodate up to 120 tank car unit trains and will increase the throughput capacity from 30,000 barrels per day to up to 80,000 barrels per day. The joint venture partners also agreed to use $31 million of restricted cash in the joint ventures for the purposes of funding the project. As a result, Dakota Plains' $25 million…
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