TransMontaigne Partners L.P. (NYSE:TLP) announced today that it has priced its initial public offering of 3.35 million common units at a price of $21.40 per unit. The common units will trade on the New York Stock Exchange under the symbol "TLP."

The 3.35 million units represent a 45.0% interest in TransMontaigne Partners L.P., the master limited partnership. TransMontaigne Inc. (NYSE:TMG) owns a 48.9% interest in the partnership, including common units, subordinated units and its general partner interest, and an institutional investor owns a 6.1% interest in the partnership through the ownership of subordinated units. TransMontaigne Partners L.P. has granted the underwriters an option to purchase up to an additional 502,500 common units to cover any over-allotments. The net proceeds from any exercise of the underwriters' over-allotment option will be used to redeem from TransMontaigne Inc. a number of common units equal to the number of common units issued upon exercise of the over-allotment option.

The book-running manager of the initial public offering is UBS Investment Bank and Citigroup is acting as a co-lead manager. Other co-managers include A.G. Edwards & Sons, Inc. and Wachovia Capital Markets, LLC.

Based upon the $21.40 per unit price, TransMontaigne Inc. will receive $101.9 million in cash, 622,500 common units, 2,872,266 subordinated units, and a 2% general partner interest for its contribution of nine refined petroleum product terminals and a products pipeline to the partnership.

INFO SOURCES

TransMontaigne Partners L.P. (NYSE: TLP); TransMontaigne Inc. (NYSE:TMG); Regulatory Filings [SEC]

FIRMS

TransMontaigne Partners L.P. is a refined petroleum products terminaling and pipeline company based in Denver, Colorado with operations currently in Florida, Southwest Missouri and Northwest Arkansas. We provide integrated terminaling, storage, pipeline and related services for companies engaged in the distribution and marketing of refined petroleum products and crude oil, including TransMontaigne Inc. The Company handles light refined products such as gasolines, distillates (including heating oil) and jet fuels; heavy refined products such as residual fuel oils and asphalt; and crude oil.

TransMontaigne Inc. is a refined petroleum products marketing and distribution company based in Denver, Colorado, with operations in the United States, primarily in the Gulf Coast, Midwest and East Coast regions. The Company's principal activities consist of (i) terminal, pipeline, and tug and barge operations, (ii) marketing and distribution, and (iii) supply chain management services. The Company's customers include refiners, wholesalers, distributors, marketers, and industrial and commercial end-users of refined petroleum products. Corporate news and additional information about TransMontaigne Inc.

LINKED TO

TransMontaigne Inc. (NYSE: TMG) [48.9%]; Morgan Stanley Capital Group, Inc. [6.1%]