NGL Energy Partners LP Announces Completion of Southeast Refined Products Assets Sale
September 30 2019 - 5:54PM
Business Wire
NGL Energy Partners LP (NYSE:NGL) (“NGL” or the “Partnership”)
today announced it has closed the previously announced transaction
to sell TransMontaigne Product Services, LLC ("TPSL") and its
associated assets for $275.5 million in proceeds at closing,
including equity consideration, inventory, and net working capital.
NGL also monetized approximately $15.6 million in derivative assets
associated with the business and reduced letter of credit exposure
by approximately $35.6 million. NGL used the net proceeds from the
sale and monetization of derivatives to reduce outstanding
indebtedness under the Partnership's revolving credit facility.
Advisors and Counsel
TD Securities (USA) LLC and Credit Suisse Securities (USA) LLC
acted as financial advisors to NGL. Winston & Strawn LLP acted
as legal counsel to NGL.
Forward-Looking Statements
Certain matters contained in this Press Release include
"forward-looking statements." All statements, other than statements
of historical fact, included in this Press Release may constitute
forward-looking statements. Although we believe that the
expectations reflected in these forward-looking statements are
reasonable, we cannot assure you that these expectations will prove
to be correct. These forward-looking statements are subject to
certain known and unknown risks and uncertainties, as well as
assumptions that could cause actual results to differ materially
from those reflected in these forward-looking statements. Factors
that might cause actual results to differ include, but are not
limited to, the risk factors discussed from time to time in each of
our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any
forward-looking statements contained in this Press Release, which
reflect management's opinions only as of the date hereof. Except as
required by law, we undertake no obligation to revise or publicly
release the results of any revision to any forward-looking
statements.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL
owns and operates a vertically integrated energy business with four
primary businesses: water solutions, crude oil logistics, NGL
logistics and refined products/renewables. For further information,
visit the Partnership's website at www.nglenergypartners.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190930005825/en/
Trey Karlovich 918-481-1119 Executive Vice President and Chief
Financial Officer trey.karlovich@nglep.com or Linda Bridges
918-481-1119 Senior Vice President – Finance and Treasurer
linda.bridges@nglep.com
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