Current Report Filing (8-k)
November 09 2017 - 1:02PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
November 6, 2017
NGL ENERGY PARTNERS LP
(Exact name of registrant as specified in its charter)
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Delaware
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001-35172
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27-3427920
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(State or other jurisdiction of
incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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6120 South Yale Avenue
Suite 805
Tulsa, Oklahoma 74136
(Address of principal executive offices) (Zip Code)
(918) 481-1119
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))
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On November 6, 2017, NGL Energy Partners LP (“NGL”) entered into a definitive agreement with DCC LPG, a division of DCC plc, to sell a portion of NGL’s Retail Propane Business for $200 million in cash, adjusted for working capital at closing. NGL will retain this business through closing, which is scheduled for March 31, 2018 and will also retain all profits generated through the closing date. These assets are expected to generate approximately $20 million in Adjusted EBITDA from December 1, 2017 through March 31, 2018 based on NGL’s current public guidance, resulting in a total value proposition to NGL of approximately $220 million. A press release issued by NGL on November 7, 2017 relating to the foregoing is attached hereto as Exhibit 99.1, and is incorporated herein by reference.
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Item 9.01.
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Financial Statements and Exhibits.
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(d) Exhibits.
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Exhibit No.
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Description
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99.1
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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NGL ENERGY PARTNERS LP
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By:
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NGL Energy Holdings LLC,
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its general partner
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Date: November 9, 2017
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By:
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/s/ Robert W. Karlovich III
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Robert W. Karlovich III
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Chief Financial Officer
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