UPDATE: Bank Of America Moves To No Rating On TransMontaigne Partners LP On Proposed NGL Merger
In a report published Friday, Bank of America analyst Gabe Moreen moved to No Rating on TransMontaigne Partners LP (NYSE: TLP).
In the report, Bank of America noted, “We are moving to No Rating on TransMontaigne Partners, LP (TLP) following the announcement by NGL Energy Partners, LP (NGL) of a proposed merger of TLP into NGL. The proposed merger includes a unit-for-unit exchange at a ratio of 1 NGL unit per outstanding TLP unit. Previously, on 9 June 2014, TLP announced its general partner (GP), an affiliate of Morgan Stanley (MS), entered into a definitive agreement to sell its 100% ownership interest in TLP to NGL for $200mn, which is expected to close in 3Q14. This transaction closed 2 July 2014.”
TransMontaigne Partners LP closed on Thursday at $43.88.
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