NGL Energy Partners LP Announces Redemption of 5.125% Senior Notes due 2019
February 13 2019 - 4:52PM
Business Wire
NGL Energy Partners LP (NYSE: NGL) (“NGL”) today announced that
it has called for redemption all $328,005,000 aggregate outstanding
principal amount of its 5.125% Senior Notes due 2019 (the “Notes”).
On March 15, 2019 (the “Redemption Date”), registered
holders of such notes will receive a redemption payment of equal to
the Make-Whole Price applicable to a redemption of the Notes on
such date.
As defined in the indenture governing the Notes, “Make-Whole
Price” with respect to any Notes to be redeemed, means an amount
equal to the greater of: (1) 100% of the principal amount of
such Notes; and (2) the sum of the present values of
(a) 100% of the principal amount of such Notes and
(b) the remaining scheduled payments of interest from the
Redemption Date to June 15, 2019 (not including any
portion of such payments of interest accrued as of the Redemption
Date) discounted back to the Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate (as defined in the indenture governing the Notes)
plus 50 basis points; plus, in the case of both clauses (1)
and (2), accrued and unpaid interest on such Notes, if any, to the
Redemption Date. The Treasury Rate shall be calculated no later
than the fourth business day preceding the Redemption Date.
Upon payment in full on the Redemption Date (the “Redemption
Payment”), interest on the Notes will cease to accrue on and after
the Redemption Date. Following the payment of the Redemption
Payment on the Redemption Date, there will be no Notes that remain
outstanding.
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 NGL’s website
at www.nglenergypartners.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190213005831/en/
NGL Energy Partners LP
Trey Karlovich, 918-481-1119Executive Vice President and Chief
Financial OfficerTrey.Karlovich@nglep.com
or
Linda Bridges, 918-481-1119Senior Vice President - Finance and
TreasurerLinda.Bridges@nglep.com
NGL Energy Partners (NYSE:NGL)
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