Image: NGL Energy Partners
Tulsa, Okla. headquartered NGL Energy Partners LP (NYSE:NGL) experiences that it has signed two definitive agreements to promote all of its marine property for $111.65 million in money within the combination.
NGL’s marine unit has supplied waterborne transportation of refined merchandise and crude oil for a diversified group of consumers that features main oil refineries on the Gulf Coast with these property. NGL’s marine fleet consists of 13 towboats and 25 tank barges.
The transaction is predicted to shut on the finish of this month, topic to customary closing situations.
“I want to thank our marine employees for their hard work and service over the years to build one of the best fleets in the business. This non-core asset sale should allow NGL to further reduce leverage by March 31, 2023, as these proceeds will be used for debt reduction.” acknowledged Mike Krimbill, NGL’s CEO. “Our near-term focus continues to be reducing absolute debt and leverage.”
BofA Securities, Inc. is serving as NGL Energy Partners monetary advisor; and McAfee & Taft of Tulsa, Oklahoma is serving as NGL’s outdoors authorized counsel.
UPDATE: NGL didn’t disclose the purchaser of its tugs and barges, however Houston, Pa., based mostly Campbell Transportation Company, Inc. (CTC) says it’s the purchaser of the vast majority of the marine property owned by NGL Energy Partners’ NGL Marine LLC subsidiary.
You can see the total fleet itemizing here
