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High Sierra and NGL complete tie-up

The merger between NGL and High Sierra has been completed.

20 June 2012

NGL Energy Partners and High Sierra Energy have completed their merger, which could have been supported by contract negotiation techniques.

This transaction was financed with $95 million (£60.4 million) of assumed indebtedness, $153 million in cash and equity worth $445 million, with the total aggregate merger consideration hitting $693 million, with around $38 million in working capital.

NGL and Deutsche Bank Securities entered into a secured revolving credit facility agreement to concur with the finalisation of the tie-up.

High Sierra is based in Denver, Colorado and deals in three core business sectors - the marketing and transportation of natural gas liquids, the gathering, movement and advertisement of crude oil and the transportation, recycling, disposal and treatment of water.

The combined firm "will be a full service midstream solution for gas plant and fractionation operators, crude oil producers, refiners and retailers across the country", H Krimbill, NGL chief executive officer, recently said.

Posted by David Gleck

Source: NGL press release, June 19th

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