Sale of $ 300 million in TransMontaigne product services by NGL Energy Partners – Global Legal Chronicle

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

NGL Energy Partners LP (NYSE: NGL) has 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, inventories and net working capital, based on values ​​as at June 30, 2019 and subject to actual values ​​at closing.

The Partnership also expects to significantly reduce its post-sale letter of credit commitments.

TPSL forms part of the NGL Refined Products reporting segment.

NGL Energy Partners LP is a Delaware limited partnership. NGL owns and operates a vertically integrated energy business with four main businesses: Water Supply Solutions, Crude Oil Logistics, NGL Logistics, and Refined / Renewable Products.

TransMontaigne Product Services Inc. wholesalers and distributes petroleum products. The Company offers products based on gasoline, diesel fuel, heating oil and crude oil.

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

Remunerator of the costs involved: 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 & Straw;

Customer base : NGL Energy Partners LP;