TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) (“Partnership”) today announced that it has closed the previously announced transaction to sell the remainder of its Retail Propane business to Superior Plus Corp. (“Superior”) (TSX:SPB) for $900 million in cash proceeds, adjusted for working capital.
In May 2018, NGL announced its strategic decision to completely exit the Retail Propane business and re-deploy capital at a comparatively higher rate of return in its Water Solutions and Crude Logistics businesses. In total, the Partnership generated over $1.1 billion of gross cash proceeds on the sale of its retail propane assets. NGL plans to immediately repay indebtedness under its Credit Facility using the proceeds from the sale, which can subsequently be re-borrowed for other debt repayment and to fund growth capital expenditures.
Certain matters contained in this Press Release include "forward-looking statements." All statements, other than statements of historical fact, included in this Press Release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Press Release, which reflect management's opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and operates a vertically integrated energy business with four primary businesses: water solutions, crude oil logistics, NGL logistics and refined products/renewables. For further information, visit the Partnership's website at www.nglenergypartners.com.