BlackRock and Navigator Energy Services to acquire 50% stake of Glass Mountain Pipeline for $300m from NGL Energy Partner and Semgroup..

BlackRock, private equity company and Navigator Energy Services, oil industry operator, has acquired 50% interest in Glass Mountain Pipeline, oil pipeline owner for $300m from NGL Energy Partner, energy business operator and Semgroup, oil transporter. “This transaction is another significant accomplishment that continues the deleveraging of our balance sheet and improving our credit profile. The successful completion of this immediately accretive transaction, combined with our recently announced Retail Propane sale, will have a transformative effect on our financial flexibility and reduce our cost of capital while also improving our distribution coverage. The resulting reduction in leverage will strongly position NGL to execute on the growth potential across all of its segments.” Mike Krimbill, NGL’s Chief Executive Officer.