NGL Energy Partners LP closed its previously announced deal to sell TransMontaigne Product Services LLC and its associated assets to an unnamed buyer for $275.5 million.
TransMontaigne Product Services holds refined products midstream assets in the Southeast. The acquired assets also include a terminaling services agreement with refined products transportation company TransMontaigne Partners LP and line space along the Colonial and Plantation pipelines, among others.
In addition, NGL Energy Partners monetized about $15.6 million in derivative assets and reduced its letter of credit exposure by about $35.6 million, according to a Sept. 30 news release.
The proceeds from the sale and monetization were used to pay down debt under NGL Energy Partners' revolving credit facility.
TD Securities (USA) LLC and Credit Suisse Securities (USA) LLC acted as financial advisers, while Winston & Strawn LLP acted as legal counsel to NGL Energy Partners.
NGL Energy Partners' operations include water solutions, crude oil logistics, NGL logistics and refined products.
