NGL Energy Partners LP (NGL): M&A transaction — NGL Energy completes marine sale for $112M; repays $39M loan; redeems 7.5% notes; debt $2.9B

NGL Energy Partners LP

Sale of marine assets closed Mar 30, 2023 for $111.65M cash, less ~$7.5M expenses.
Used $39M of proceeds to repay marine equipment loan; remainder to reduce ABL borrowings.
Redeemed all 7.5% unsecured senior notes due Nov 2023 on Mar 31.
Total debt at Mar 31 ~$2.9B, down ~$600M since Sep 30, 2022; leverage expected ~4.5x.
CEO says leverage below 4.75x achieved faster than expected.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

NGL Energy Partners LP completed a disposition involving Campbell Transportation Company, Inc. and Magnolia Marine Transport Company for $111.65 million in cash less estimated expenses of approximately $7.5 million (closed 2023-03-30).

Action: disposition
Counterparty: Campbell Transportation Company, Inc. and Magnolia Marine Transport Company
Consideration: $111.65 million in cash less estimated expenses of approximately $7.5 million
Closing: 2023-03-30

Exact text from the filing

On March 30, 2023, NGL Energy Partners LP (the “Partnership”) completed the sale of all of its marine assets for $111.65 million in cash less estimated expenses of approximately $7.5 million.

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Source: SEC EDGAR

accession 0001504461-23-000035

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