NGL Energy Partners LP

NGL Energy Partners LP has priced its underwritten public offering of 1.6 million of its 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25 per unit, representing limited partner interests in NGL, at a price of $25 per Class C Preferred Unit.

NGL has granted the underwriters a 30-day option to purchase up to 240,000 additional Class C Preferred Units, solely to cover over-allotments, if any. NGL expects to receive approximately $38.24 million in net proceeds from the offering after deducting the underwriters’ discount and NGL’s estimated offering expenses, assuming no exercise by the underwriters of their option to purchase additional Class C Preferred Units, or approximately $44 million if the underwriters exercise their option to purchase additional Class C Preferred Units in full. The offering is expected to close on April 2, 2019, subject to customary closing conditions.