NGL Energy Partners LP Announces Public Offering of Class B Preferred Units
TULSA, Okla.–(BUSINESS WIRE)–NGL Energy Partners LP (NYSE:NGL) today announced the commencement of an
underwritten public offering of Class B Fixed-to-Floating Rate
Cumulative Redeemable Perpetual Preferred Units, liquidation preference
$25.00 per unit, representing limited partner interests in NGL. NGL
expects to grant the underwriters a 30-day option to purchase additional
Class B Preferred Units, solely to cover over-allotments, if any. NGL
intends to use the net proceeds from this offering to repay indebtedness
under its revolving credit facility, which NGL may re-borrow from time
to time for general partnership purposes, including to retire other
senior indebtedness.
UBS Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets,
LLC are acting as joint book-running managers for the offering. Stifel,
Nicolaus & Company, Incorporated is acting as co-manager for the
offering. When available, copies of the preliminary prospectus
supplement, prospectus supplement and the accompanying prospectus
relating to the offering may be obtained free of charge on the United
States Securities and Exchange Commission’s website at www.sec.gov
or from UBS Securities LLC, 1285 Avenue of the Americas, New York, New
York 10019, Attention: Prospectus Department, Telephone: (888) 827-7275,
Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New
York 10014, Attention: Prospectus Department, or from RBC Capital
Markets, LLC, Three World Financial Center, 200 Vesey St., 8th Floor,
New York, NY 10281, Telephone: (866) 375-6829.
The Class B Preferred Units are being offered and sold pursuant to an
effective shelf registration statement filed with the United States
Securities and Exchange Commission. The offering is being made only by
means of a prospectus and related prospectus supplement. This press
release does not constitute an offer to sell or the solicitation of an
offer to buy the securities described herein, nor shall there be any
sale of these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
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 five primary
businesses: water solutions, crude oil logistics, NGL logistics, refined
products/renewables and retail propane. For further information, visit
the NGL’s website at www.nglenergypartners.com.
Contacts
NGL Energy Partners LP
Investor Relations:
Trey Karlovich,
918-481-1119
Executive Vice President and Chief Financial Officer
[email protected]
or
Linda
Bridges, 918-481-1119
Vice President – Finance and Treasurer
[email protected]