NGL Energy Partners LP

Description

NGL Energy Partners LP completed a private placement to institutional investors of $400 million of its Class D Preferred Units and warrants to purchase common units representing equity interests in the partnership.

The Class D Preferred Units bear an initial preferred distribution rate of 9%, are redeemable at any time at the option of the partnership, and are redeemable at the option of the holders after eight and one-half years or in connection with a change of control. The warrants have a ten-year expiration date and will be exercisable upon and after the first anniversary of their issuance, for 7 million common units at $14.54 per unit, and 10 million common units at $17.45 per unit.

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Estimated Price
$400.0MM
Financing Type
Report Date