Tulsa-based NGL Energy Partners LP announced it has completed its transaction to sell TransMontaigne Product Services, LLC and its associated assets to an undisclosed buyer for $275.5 million in proceeds at closing, according to a company press release issued on Monday.
NGL monetized approximately $15.6 million in derivative assets associated with the business and slashed letter of credit exposure by approximately $35.6 million. NGL used the net proceeds from the sale and monetization of derivatives to reduce outstanding debt under the Partnership’s revolving credit facility.
Previously announced in early August, the deal was completed in less than two months.