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.
Recommended Reading
Lake Charles LNG Selects Technip Energies, KBR for Export Terminal
2024-09-20 - Lake Charles LNG has selected KTJV, the joint venture between Technip Energies and KBR, for the engineering, procurement, fabrication and construction of an LNG export terminal project on the Gulf Coast.
Entergy Picks Cresent Midstream to Develop $1B CCS for Gas-fired Power Plant
2024-09-20 - Crescent will work with SAMSUNG E&A and Honeywell on the project.
FERC Chair: DC Court ‘Erred’ by Vacating LNG Permits
2024-09-20 - Throwing out the permit for Williams’ operational REA project in the mid-Atlantic region was a mistake that could cost people “desperately” reliant on it, Chairman Willie Phillips said.
Diamondback to Sell $2.2B in Shares Held by Endeavor Stockholders
2024-09-20 - Diamondback Energy, which closed its $26 billion merger with Endeavor Energy Resources on Sept. 13, said the gross proceeds from the share’s sale will be approximately $2.2 billion.
Optimizing Direct Air Capture Similar to Recovering Spilled Wine
2024-09-20 - Direct air capture technologies are technically and financially challenging, but efforts are underway to change that.