NGL close TransMontaigne GP sale

04.02.16. NGL Energy Partners has completed the sale of its indirect 100 percent stake in TransMontaigne GP to Gulf TLP Holdings, an affiliate of ArcLight Capital Partners for US$350 million in cash.
TransMontaigne GP is the general partner of TransMontaigne Partners LP. The general partner holds the 2 percent general partner interest and incentive distribution rights of TLP, a Delaware master limited partnership.
In connection with the transaction, the partnership amended its existing credit facility to consent to the change of control of TLP and to amend the covenant relating to a future change of control to reflect ArcLight as the indirect owner of the general partner interest.