NGL Energy Partners LP completed its private placement of 10.75% Class A convertible preferred units with funds managed by Oaktree Capital Management LP, including a vehicle funded by Partners Group private markets investment manager, NGL said June 27. On April 21, 2016, NGL entered into an agreement to issue $200 million of 10.75% Class A units to Oaktree. On June 23, 2016, NGL and Oaktree incrased the private placement’s aggregate amount to $240 million. The net proceeds will repay outstanding revolving credit facility borrowings, which could be reborrowed to fund capex. NGL and Oaktree will jointly pursue future opportunities within NGL’s business segments. RBC Capital Markets, UBS Investment Bank and Deutsche Bank Securities Inc. were NGL’s placement agents and financial advisers. Andrews Kurth LLP was its legal counsel. Barclays was Oaktree’s financial adviser, and Vinson & Elkins was its legal counsel. NGL Energy Partners LP is based in Tulsa, Okla.
Top producers in the Northeast are planning to produce a combined 17 billion cubic feet of gas per day (Bcf/d), up 2% from 2019, analysts forecast.
Deals with Murphy Oil affect the Khaleesi / Mormont and Samurai field developments through the new King’s Quay floating production system.
The discovery is a significant one in a country that currently produces about 200,000 barrels of oil per day.