Campbell Transportation Company, Inc. completed the acquisition of all of the Marine Assets of NGL Energy Partners LP (NYSE : NGL).
March 30, 2023
Share
Campbell Transportation Company, Inc. entered into an agreement to acquire an unknown majority stake in Marine Assets of NGL Energy Partners LP (NYSE : NGL) for approximately $110 million on March 6, 2023. The transaction is expected to close at the end of March 2023. BofA Securities, Inc. acted as NGL's financial advisor and McAfee & Taft acted as NGL's outside legal counsel.
Campbell Transportation Company, Inc. completed the acquisition of all of the Marine Assets of NGL Energy Partners LP (NYSE : NGL) on March 30, 2023. NGL Energy Partners LP completed the sale of all of its marine assets for $111.65 million in cash less estimated expenses of approximately $7.5 million. The marine assets include 13 towboats and 25 tank barges. On April 3, 2023, the NGL Energy Partners announced, in addition to the completion of the sale of its marine assets, that it used a portion of the proceeds from the sale to repay the outstanding marine equipment loan of approximately $39 million with the remaining proceeds being used to repay amounts outstanding under its asset-based revolving credit facility and that it had completed the redemption of its 7.5% unsecured senior notes due in November 2023. In addition, the Partnership announced that at March 31, 2023, its total outstanding debt was slightly below $2.9 billion and that its expected total leverage to be approximately 4.5 times.
NGL Energy Partners LP is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. Its Water Solutions segment transports, treats, recycles, and disposes of produced and flowback water generated from crude oil and natural gas production. Its Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries or for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs, and provides storage, terminaling, and transportation services through its owned assets. Its Liquids Logistics segment conducts supply operations for natural gas liquids, refined petroleum products and biodiesel to a range of commercial, retail, and industrial customers.