In a report published Friday, Bank of America analyst Gabe Moreen moved to No Rating on TransMontaigne Partners LP 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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