Blog Exposure - NGL Energy Closed Sawtooth JV and $220 Million Sale of Certain Retail Propane Assets to DCC

Stock Monitor: Calumet Specialty Products Partners Post Earnings Reporting

LONDON, UK / ACCESSWIRE / April 04, 2018 / Active-Investors.com has just released a free research report on NGL Energy Partners L.P. (NYSE: NGL) ("NGL Energy"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NGL as the Company's latest news hit the wire. On April 02, 2018, the Company announced that it has sold a portion of its Retail Propane business to DCC LPG for $200 million in cash, adjusted for working capital. The deal was closed on March 30, 2018. The Company retained all profits from this business through March 31, 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT), which also belongs to the Basic Materials sector as the Company NGL Energy Partners. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, NGL Energy Partners most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=NGL

The Retail Propane Business comprised of NGL Energy's operations across 10 states in the mid-continent and western portions of the United States.

Transaction Previously Announced in November 2017

On November 07, 2017, NGL Energy entered into a definitive agreement with DCC LPG, a division of DCC plc, to sell a portion of its Retail Propane Business for $200 million in cash, adjusted for working capital at closing. These assets were expected to generate approximately $20 million in adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) from December 01, 2017, through March 31, 2018 based on NGL Energy's public guidance, resulting in a total value proposition to NGL Energy of approximately $220 million. The Company intent to retain its retail propane businesses located in the northeastern, mid-Atlantic and southeastern sections of the United States. The sale would help NGL Energy execute on its goal to reduce leverage, with the cash proceeds going towards debt reduction.

NGL Energy, Magnum JV

On March 30, 2018, the Company also closed the Sawtooth natural gas liquids and refined products joint venture (JV) with Magnum Liquids, LLC, a portfolio company of Haddington Ventures LLC, along with Magnum Development, LLC and other Haddington-sponsored investment entities (collectively "Magnum"). Magnum acquired an approximately 28.5% interest in Sawtooth from NGL Energy, in exchange for consideration consisting of a cash payment of approximately $37.6 million (excluding working capital) and the contribution of certain refined products rights and adjacent leasehold. Magnum will have options to acquire NGL Energy's remaining interest within the next three years for an additional $182.4 million.

Sawtooth is a natural gas liquids storage facility with 6.1 million barrels of capacity in five existing salt caverns, including rail and truck access to Western US markets located southwest of Salt Lake City, Utah.

Debt Reduction Update

NGL Energy has utilized the $237.6 million in proceeds from these transactions to reduce indebtedness, including the repurchase of approximately $71.4 million in principal amount of its senior unsecured notes at various prices in the open market during the quarter ended March 31, 2018. The weighted average price paid in these open market transactions was approximately 99.7% of par value. The outstanding proceeds were used to repay borrowings under the Company's revolving credit facility.

NGL Energy Sale of Interest in Glass Mountain Pipeline, LLC

In December 2017, the Company sold 50% of its interest in Glass Mountain Pipeline, LLC to a fund managed by BlackRock Real Assets in partnership with Navigator Energy Services for total gross consideration of $300 million. NGL Energy used the cash proceeds to repay a portion of its outstanding indebtedness prior to December 31, 2017.

About NGL Energy Partners L.P.

Headquartered in Tulsa, Oklahoma, NGL Energy Partners is a Delaware limited partnership. NGL Energy owns and operates a vertically integrated energy business with five primary businesses: water solutions, crude oil logistics, NGL logistics, refined products/renewables, and retail propane.

Stock Performance Snapshot

April 03, 2018 - At Tuesday's closing bell, NGL Energy Partners' stock marginally climbed 0.47%, ending the trading session at $10.70.

Volume traded for the day: 262.29 thousand shares.

After yesterday's close, NGL Energy Partners' market cap was at $1.26 billion.

The stock has a dividend yield of 14.58%.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Refining & Marketing industry. This sector was up 1.5% at the end of the session.

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