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Shell Midstream Partners, L.P. announced the execution of an agreement with a group of institutional investors to sell 7,692,308 common units representing limited partner interests in a private placement.
Shell Midstream Partners expects to receive gross proceeds of $300 million. The proceeds will be used topartially fund the acquisition of additional ownership interests in Zydeco Pipeline Company, LLC and Colonial Pipeline Company from Shell Pipeline Company LP. The private placement is expected to close May 18, 2015 in conjunction with the closing of the acquisition, both of which are subject to customary closing conditions.
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