An unknown buyer entered into a binding agreement to acquire 35% stake in excess Alliance Service from Delphi Energy Corp. for CAD 11.9 million.

An unknown buyer entered into a binding agreement to acquire 35% stake in excess Alliance Service from Delphi Energy Corp. (TSX:DEE) for CAD 11.9 million on June 17, 2019. Upon closing, the net proceeds and reduction of Delphi’s outstanding letters of credit associated with the Alliance service will increase liquidity by approximately $13.3 million. upon closing of the sale, Delphi expects to have bank debt net of working capital of approximately $68 million. The transaction is subject to the approval of Alliance Pipeline Limited Partnership and Alliance Pipeline L.P. The transaction is expected to close on or about September 3, 2019.