Simpson Thacher Represents the Selling Shareholders on the Sale of APT and SCT to Kinder Morgan
12.23.13
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Simpson Thacher is representing a consortium of investors including Blackstone, GSO and Cerberus in connection with the sale of their interests in American Petroleum Tankers (APT) and State Class Tankers (SCT) to Kinder Morgan for $962 million in cash. APT and SCT are engaged in the marine transportation of crude oil, condensate and refined products in the United States domestic trade. The transaction, which is subject to standard regulatory approvals, is expected to close in the first quarter of 2014. The firm also represented APT and SCT on their potential MLP IPO alternative to the sale, and on the financing relating to the construction of 4 new vessels for SCT.
The Simpson Thacher team working on the transaction includes Jay Blackman, Mickey Baden and Jonathan Kelley (M&A); Alden Millard, Brian Gluck and Bruce Sun (Credit); Lesley Peng, Jennifer Albrecht and Ken Myung Shin (Capital Markets); David Rubinsky, Alina Finkelshteyn and Brittany McCants (Executive Compensation and Employee Benefits); Adeeb Fadil (Environmental); and Nancy Mehlman, Adam Wells and Sophie Staples (Tax).