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NGL Energy Partners launches preferred unit offering to repay revolver debt

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Essential Energy Insights - January 2021


NGL Energy Partners launches preferred unit offering to repay revolver debt

NGL Energy Partners LP launched an underwritten public offering of an undisclosed amount of its class C preferred units at $25.00 per unit, with proceeds to be used for revolver debt repayment.

The partnership is also set to grant underwriters a 30-day overallotment option to purchase more of the class C fixed-to-floating rate cumulative redeemable perpetual preferred units, according to a March 26 news release. NGL Energy Partners also said that from time to time, it may re-borrow the amounts will repay to its revolving credit facility for general partnership purposes, including repurchasing or redeeming all or part of its class A preferred units.

NGL also agreed to redeem all or the maximum amount of the class A preferred units redeemable at an amount equal to the total net proceeds the partnership would receive from the offering, plus any borrowings available under its revolver for that purpose.

RBC Capital Markets LLC, Morgan Stanley & Co. LLC and UBS Securities LLC are acting as joint book-running managers for the offering, while Stifel Nicolaus & Co. Inc. is acting as joint-lead manager. Citigroup Global Markets Inc. and Raymond James & Associates Inc. are serving as co-managers for the offering.

Tulsa, Okla.-based NGL Energy Partners provides transportation, storage, blending and marketing services for crude oil, NGLs and refined products.