NGL Energy Partners LP announces the closing of multiple asset sales, including the previously announced sale of 17 of its natural gas liquids terminals and the Green Bay terminal. The total amounted to nearly $270 million.
In addition, NGL closed on the sale of its Rack Marketing refined products business, its Limestone Ranch ownership, and our remaining crude rail car fleet and other miscellaneous proceeds. These non-core asset sales allow NGL to focus on its core assets in the portfolio and redirect the capital to improving the capital structure.
“These asset sales reduce the volatility and seasonality of our Adjusted EBITDA and working capital requirements. The proceeds will be used to pay off the remaining ABL balance and the excess cash will be used for additional deleveraging and addressing other parts of our capital structure,” commented Mike Krimbill, CEO of NGL.
Source: Business Wire
