CORR - CorEnergy buys Crimson's California pipeline assets in $350M deal

CorEnergy Infrastructure Trust (CORR) +5.4% post-market after agreeing to acquire California-based pipeline owner Crimson Midstream Holdings for ~$350M.The acquired assets include four infrastructure pipeline systems spanning 1,800 miles across California, connecting native California crude production to in-state refineries producing state-mandated specialized fuel blends.The deal is funded with a combination of cash on hand, commitments to issue, $119.4M of new common and preferred equity, contribution of the Grand Isle Gathering System to the sellers, and $105M in new borrowings.

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CorEnergy buys Crimson's California pipeline assets in $350M deal