NGL Energy Partners’ $300 Million Sale of TransMontaigne Product Services

TD Securities (USA) LLC and Credit Suisse Securities (USA) LLC are acting as financial advisors to NGL. Winston & Strawn LLP is acting as legal counsel to NGL.

NGL Energy Partners LP (NYSE:NGL) signed a definitive agreement to sell TransMontaigne Product Services, LLC (“TPSL”) and associated assets to a strategic buyer with substantial assets for estimated proceeds of approximately $300 million, including equity consideration, inventory, and net working capital, based on June 30, 2019 values and subject to actual values at closing.

The Partnership also expects to significantly reduce letter of credit commitments following the sale.

TPSL makes up a portion of NGL’s Refined Products reporting segment.

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.

TransMontaigne Product Services Inc. wholesales and distributes petroleum products. The Company offers petrol, diesel fuel, heating oil, and crude oil products.

Winston advised NGL with a team led by Bruce Toth (Picture) and Isaac Griesbaum and included Monica Diddell, Brad Ratliff, Courtney Tygesson, Richie Falek, and Conor Reidy.

Involved fees earner: Monica Diddell – Paul Hastings; Richard Falek – Winston & Strawn; Isaac Griesbaum – Winston & Strawn; Bradley Ratliff – Winston & Strawn; Conor Reidy – Winston & Strawn; Bruce Toth – Winston & Strawn; Courtney Tygesson – Winston & Strawn;

Law Firms: Paul Hastings; Winston & Strawn;

Clients: NGL Energy Partners LP;

Author: Ambrogio Visconti