Tuesday, November 07, 2017 8:31:28 AM
NGL Energy Partners LP Announces Agreement to Sell Certain Retail Propane Businesses to DCC LPG
https://ih.advfn.com/p.php?pid=nmona&article=76028825
NGL’s CEO Mike Krimbill. “The sale reflects a big step towards achieving our target compliance leverage of 3.25x or better. The terms of the transaction provide for a $20 million cash deposit on announcement that we can immediately deploy towards debt repayment. The remaining $180 million in cash proceeds, combined with the retained cash flows from the business generated through this heating season, provide significant cash for leverage reduction and allows us to maintain our earnings targets for this fiscal year.”
Revenues were up 29% YOY and were up in every segment.
1. Crude Oil Logistics revenues were up 25% largely due to the Grand Mesa pipeline which saw volumes increasing through the quarter.
2. Water Solutions revenues were up 28% with volumes growing in the quarter.
3. Liquids revenues were up 68%.
4. Retail propane revenues were up 26%.
5. Refined products revenues were up 26%.
Long term debt is down $25 million over the past six months prior to this announcement.
Fear Uncertainty and Doubt FUD It Ain't Going To Work Here Anymore. Notice the lack of question mark.
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