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 ââas at June 30, 2019 and subject to actual values ââat 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;
Customer base : NGL Energy Partners LP;