NGL Energy Partners announced the signing of two definitive agreements to sell all of its marine assets for $111.65 million in cash in the aggregate. NGL provided waterborne transportation of refined products and crude oil for a diversified group of customers which include major oil refineries on the Gulf Coast with these assets. NGL’s marine fleet consists of 13 towboats and 25 tank barges. The transaction is expected to close at the end of this month, subject to customary closing conditions.
“I want to thank our Marine employees for their hard work and service over the years to build one of the best fleets in the business. This non-core asset sale should allow NGL to further reduce leverage by March 31, 2023, as these proceeds will be used for debt reduction.” stated Mike Krimbill, NGL’s CEO. “Our near-term focus continues to be reducing absolute debt and leverage.” Krimbill concluded.
BofA Securities, Inc. is serving as NGL’s financial advisor; and McAfee & Taft of Tulsa, Oklahoma is serving as NGL’s outside legal counsel.