NGL Energy Partners lowers revolver borrowings with sale proceeds

By Angela McDaniels

Tacoma, Wash., Sept. 30 – NGL Energy Partners LP reduced outstanding debt under its revolving credit facility, according to a company news release.

The company sold TransMontaigne Product Services, LLC and its associated assets, monetized about $15.6 million of derivative assets associated with the business and used the proceeds for the paydown.

The proceeds of the TransMontaigne sale were $275.5 million at closing, including equity consideration, inventory and net working capital.

NGL also reduced its letter of credit exposure by about $35.6 million

NGL owns and operates a vertically integrated energy business with four primary businesses: water solutions, crude oil logistics, NGL logistics and refined products/renewables. The company is based in Tulsa, Okla.

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