Market Overview

UPDATE: Bank Of America Moves To No Rating On TransMontaigne Partners LP On Proposed NGL Merger

Related TLP
Benzinga's Weekend M&A Chatter
Markets Close The Week On Negative Note As Ukraine Worries Mount

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.

Posted-In: Bank of America Gabe MoreenAnalyst Color Downgrades Analyst Ratings

 

Related Articles (TLP)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters