Under the terms of the JV, SemGroup will contribute the shares and assets of its Canadian subsidiary, SemCAMS, valued at CAN$1.15 billion (US$860 million), in exchange for CAN$615 million (US$460 million) cash proceeds and 51% common equity ownership in SemCAMS Midstream. KKR will contribute CAN$515 million (US$385 million) of cash in exchange for 49% of the common equity ownership. KKR will also contribute CAN$300 million (US$224 million) to acquire perpetual preferred equity. In addition, the joint venture will enter into a CAN$800 million (US$598 million) underwritten bank credit facility.
