To: Celtictrader who wrote (31915 ) 9/26/2019 8:13:35 AM From: Celtictrader Read Replies (1) | Respond to NGL Energy Partners LP (NYSE: NGL) (“NGL” or the “Partnership”) announced it has executed a definitive agreement to acquire all of the equity interests of Hillstone Environmental Partners, LLC (“Hillstone”) from Golden Gate Capital for approximately $600 million, subject to certain adjustments. Hillstone provides water pipeline and disposal infrastructure solutions to producers with a core operational focus in the state line area of southern Eddy and Lea Counties, New Mexico and northern Loving County, Texas in the Delaware Basin.businesswire.com benefit to our customers. The certainty of offtake and reliability of our integrated system of large diameter pipelines will provide approximately 2.7 million barrels per day of operational disposal capacity in the Delaware Basin, including the addition of Hillstone,” stated Doug White, NGL’s Executive Vice President of Water Solutions. “The high-quality Hillstone assets include long-term contracts with investment grade producers. The contracts have an average remaining term of greater than 10 years, minimum volume commitments, and first call priority volume commitments that minimize impacts of timing related to recycle and reuse activities.”equity and debt commitments in an amount necessary to fund the entire purchase price. This transaction, which NGL estimates has been made at an approximately 7x multiple of forecasted run-rate EBITDA once certain contracted volumes are online next year, is expected to be accretive to distributable cash flow per unit in Fiscal 2021, the first full year of ownership.
