TULSA, Okla.–(BUSINESS WIRE)–NGL Energy Partners LP (NYSE:NGL) today announced that it has closed the sale of its 50% interest in Glass Mountain Pipeline, LLC (“Glass Mountain” or “GMP”) to a fund managed by BlackRock Real Assets in partnership with Navigator Energy Services for total gross consideration of $300 million. NGL intends to use the cash proceeds to repay a portion of its outstanding indebtedness prior to December 31, 2017.
“The closing of the Glass Mountain sale prior to end of the quarter will allow us to reduce our indebtedness and improve our leverage for our fiscal third quarter financials. We are continuing to focus on strengthening our balance sheet through the reduction of leverage and improving our liquidity, credit profile and distribution coverage as we move the Partnership forward,” stated Trey Karlovich, Executive Vice President and Chief Financial Officer of NGL.
Deutsche Bank Securities Inc. served as exclusive financial advisor to NGL. McGrath North served as NGL’s legal counsel.
Morgan Stanley served as exclusive financial advisor to BlackRock Real Assets. Simpson Thacher & Bartlett served as BlackRock Real Assets’ legal counsel.