NGL Energy Partners LP Announces Closing of Retail Propane Sale for $900 Million

Source Press Release
Company NGL Energy Partners LPSuperior Plus Corp 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date July 10, 2018

NGL Energy Partners LP (NYSE:NGL) (“Partnership”) today announced that it has closed the previously announced transaction to sell the remainder of its Retail Propane business to Superior Plus Corp. (“Superior”) (TSX:SPB) for $900 million in cash proceeds, adjusted for working capital.

In May 2018, NGL announced its strategic decision to completely exit the Retail Propane business and re-deploy capital at a comparatively higher rate of return in its Water Solutions and Crude Logistics businesses. In total, the Partnership generated over $1.1 billion of gross cash proceeds on the sale of its retail propane assets. NGL plans to immediately repay indebtedness under its Credit Facility using the proceeds from the sale, which can subsequently be re-borrowed for other debt repayment and to fund growth capital expenditures.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd