NGL Energy Partners LP Announces Pricing of Upsized $500 Million of Senior Notes
February 16 2017 - 4:39PM
Business Wire
NGL Energy Partners LP (NYSE:NGL) and its wholly owned
subsidiary NGL Energy Finance Corp. today announced that they have
priced an upsized private offering of $500 million aggregate
principal amount of 6.125% senior notes due 2025. NGL expects
to use the net proceeds of this offering and the concurrent
offering of NGL’s common units to reduce borrowings under its
senior secured revolving credit facility.
The notes are being initially sold to investors at a price of
100% of their principal amount. Interest on the notes will accrue
at a rate of 6.125% per annum and will be payable semiannually on
March 1 and September 1 of each year, beginning on September 1,
2017. The maturity date of the notes is March 1, 2025.
NGL expects this private offering to close on February 22, 2017,
subject to the satisfaction of customary closing conditions.
The offer and sale of the notes have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), or
any state securities laws, and the notes may not be offered or sold
in the United States of America absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state laws.
The notes have been offered and sold to qualified institutional
buyers in accordance with Rule 144A under the Securities Act,
and outside the United States of America to investors other than
U.S. persons, in reliance on Regulation S under the Securities
Act. This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL
owns and operates a vertically integrated energy business with five
primary businesses — water solutions, crude oil logistics, NGL
logistics, refined products/renewables and retail propane. For
further information, visit the Partnership’s website at
www.nglenergypartners.com.
Forward-Looking Statements
This press release includes “forward-looking statements.” All
statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements.
Actual results could vary significantly from those expressed or
implied in such statements and are subject to a number of risks and
uncertainties. While NGL believes its expectations as reflected in
the forward-looking statements are reasonable, NGL can give no
assurance that such expectations will prove to be correct. The
forward-looking statements involve risks and uncertainties that
affect operations, financial performance, and other factors as
discussed in filings with the Securities and Exchange Commission.
Other factors that could impact any forward-looking statements are
those risks described in NGL’s annual report on Form 10-K,
quarterly reports on Form 10-Q, and other filings with the
Securities and Exchange Commission. You are urged to carefully
review and consider the cautionary statements and other disclosures
made in those filings, specifically those under the heading “Risk
Factors.” NGL undertakes no obligation to publicly update or revise
any forward-looking statements except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170216006320/en/
NGL Energy Partners LPInvestor Relations:Trey Karlovich,
918-481-1119Executive Vice President and Chief Financial
OfficerTrey.Karlovich@nglep.comorLinda Bridges, 918-481-1119Vice
President – Finance and TreasurerLinda.Bridges@nglep.com
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