- NGL Energy Partners (NYSE:NGL) agrees to sell TransMontaigne GP, the general partner of TransMontaigne Partners (TLP), to ArcLight Capital Partners for $350M.
- NGL says the net proceeds from the deal will significantly reduce leverage and increase liquidity, and could reduce leverage further through the sale of the ~3.2M TLP common units it retains.
- NGL also says the deal positions it to complete its growth projects, bridge to the Grand Mesa pipeline in-service date and continue paying its $2.56 annual common unit distribution.