NGL Energy Partners LP announced the closing of multiple non-core asset sales, generating approximately $270 million in cash proceeds. These divestitures included 17 natural gas liquids terminals, the Green Bay terminal, the Rack Marketing refined products business, Limestone Ranch ownership, and the remaining crude rail car fleet.
The proceeds from these sales are designated to pay off the remaining balance on the Asset-Based Lending (ABL) facility. Any excess cash will be utilized for additional deleveraging and to address other components of the partnership's capital structure.
These asset sales are expected to reduce the volatility and seasonality of NGL's Adjusted EBITDA and working capital requirements. This strategic move reinforces the partnership's focus on its core assets and improving its financial profile.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.