USD Partners LP has completed the sale of its Hardisty Rail Terminal, an origination terminal in Canada and the company’s last remaining operating asset. (Source: Shutterstock)
Houston-based USD Partners LP has completed the sale of its Hardisty Rail Terminal, the company’s last remaining operating asset, according to an April 10 press release.
USD was obligated to sell the Hardisty Terminal, in Alberta, Canada, after entering a forbearance agreement with its lenders on June 21, 2024.
The forbearance agreement resulted from USD’s failure to meet certain milestones under its revolving credit facility.
“The sale of the Hardisty Rail Terminal was the result of an extensive and broadly marketed process conducted by an independent investment bank approved by the lenders under the revolving credit facility,” USD said in its release.
In operation since 2014, the Hardisty receives crude oil from the Western Canada Sedimentary Basin through Enbridge’s Mainline system and the Athabasca crude gathering system, as well as blends of crude oil from Cenovus.
A sale price or buyer for the system was not disclosed.
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