NGL Energy Partners LP Announces Pricing of $700 Million of Senior Notes
October 19 2016 - 6:38PM
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 $700 million aggregate principal
amount of 7.50% senior notes due 2023, representing an upsize
from the previously announced private offering of $400 million
aggregate principal amount of senior notes. NGL expects to use the
net proceeds of this offering 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 7.50% per annum and will be payable semi-annually on
May 1 and November 1 of each year, beginning on May 1, 2017. The
maturity date of the notes is November 1, 2023.
NGL expects this private offering to close on October 24,
2016, 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 (“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/20161019006575/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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