NGL Energy Partners LP Announces Pricing of $450 Million of Senior Notes
April 04 2019 - 5:10PM
Business Wire
NGL Energy Partners LP (NYSE:NGL) and its wholly owned
subsidiary NGL Energy Finance Corp. today announced that they have
priced a private offering of $450 million aggregate principal
amount of 7.500% senior notes due 2026. NGL expects to use the
net proceeds of this offering to repay indebtedness under its
revolving credit facility, which NGL may reborrow from time to time
in the future for general partnership purposes.
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 7.500% per annum and will be payable semiannually on
April 15 and October 15 of each year, beginning on October 15,
2019. The maturity date of the notes is April 15, 2026.
NGL expects this private offering to close on April 9, 2019,
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 only to persons reasonably
believed to be 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.
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 such forward-looking statements
are reasonable, NGL cannot assure they 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 United States 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 public filings. 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.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL
owns and operates a vertically integrated energy business with four
primary businesses: Crude Oil Logistics; Water Solutions; NGL
Liquids; and Refined Products and Renewables. For further
information, visit the NGL’s website at
www.nglenergypartners.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190404005844/en/
NGL Energy Partners LPInvestor Relations:Trey Karlovich,
918-481-1119Executive Vice President and Chief Financial
OfficerTrey.Karlovich@nglep.comorLinda Bridges, 918-481-1119Senior
Vice President – Finance and TreasurerLinda.Bridges@nglep.com
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