bar1080
4 years ago
Important News From NGL Energy Partners!
Feb. 4, 2021: "In connection with the refinancing, the Partnership agreed to certain restricted payment provisions under the 2026 Notes and the ABL Facility. One of these provisions requires NGL to temporarily suspend the quarterly common unit distribution beginning with respect to the quarter ended December 31, 2020, as well as distributions on all of the Partnership’s preferred units, until the total leverage ratio falls below 4.75x. The cash savings from this suspension should accelerate the deleveraging of the Partnership’s balance sheet and increase NGL’s liquidity, thereby creating more financial flexibility for the Partnership going forward.
“This refinancing of our credit facility meaningfully extends our debt maturities and provides a significant improvement in our liquidity,” stated Mike Krimbill, NGL’s CEO. “This structure also gives the Partnership additional flexibility once our leverage has been reduced and eliminates certain financial covenants. Our Board of Directors expects to evaluate a reinstatement of the common and preferred distributions in due course, taking into account a number of important factors, including our debt leverage, our liquidity, the sustainability of our cash flows, upcoming debt maturities, capital expenditures and the overall performance of our businesses.”
[Click link below to read the remainder of the PR]
http://www.nglenergypartners.com/investor-relations/press-releases/
catdaddyrt
6 years ago
The sister of a favorite NGL-B preferred's - I am long here of course
Prospectus excerpt: We are offering 7,400,000 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per Class B Preferred Unit, of NGL Energy Partners LP. Distributions on the Class B Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, when, as and if declared by our general partner; provided that the initial distribution on the Class B Preferred Units will accumulate from the date of original issue until September 30, 2017, and will be payable on October 15, 2017 in an amount equal to $0.675 per Class B Preferred Unit. Distributions on the Class B Preferred Units will be payable out of amounts legally available therefor from and including the date of original issue to, but not including, July 1, 2022 at a rate equal to 9.00% per annum of the $25.00 liquidation preference. On and after July 1, 2022, distributions on the Class B Preferred Units will accumulate for each quarterly distribution period at a percentage of the $25.00 liquidation preference equal to the applicable Three-Month LIBOR plus a spread of 721.3 basis points.