Fort Lauderdale, FL – December 2, 2020- Empire Diversified Energy, Inc. (MPIR) announced today that its wholly owned subsidiary, Empire Trimodal Terminal LLC (“Empire Trimodal”) has acquired certain facilities (the “Facilities”) from Trimodal Terminal LP (“Trimodal Terminal”) located in Brooke County, West Virginia. The Facilities, with an appraised value of $39 million, were acquired with proceeds from the issuance by the West Virginia Economic Development Authority (the “Authority”) of Dock and Wharf Revenue Bonds in the principal amount of $26 million and bearing a coupon rate of 7-5/8% (the “Bonds”). Citigroup Global Market Inc. was the underwriter for the Bonds.
The acquisition and the financing was made pursuant to an agreement between the Authority and Empire Trimodal with the proceeds being used to finance or refinance the costs of acquisition, construction and equipment of dock and wharf Facilities. The obligations of Empire Trimodal are guaranteed by MPIR.
Additional information about the Facilities and other matters will be provided in subsequent releases. For further information contact Frank Rosso at 954-332-2423
