Azure Midstream completes acquisition

Azure Midstream Energy LLC has completed its acquisition of 100% of Marlin Midstream GP LLC, Marlin Midstream Partners LP's (Nasdaq: FISH) general partner; 90% of Marlin Midstream GP LLC's incentive distribution rights in Marlin; and an option to acquire 20% of NuDevco Midstream Development LLC's 10.7 million limited partnership units in Marlin. In a separate transaction, Azure contributed its Legacy gathering system to Marlin for $162.5 million in cash.

At closing, $95 million of proceeds from the Legacy contribution was used to reduce indebtedness on Azure's term loan. Pro forma for the transaction, Azure has $428 million outstanding and is nearly half way to achieving a $200 million debt reduction target in 2015.

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