Ngl Energy Partners Lp (NGL) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On February 2, 2024, NGL Energy Operating LLC and NGL Energy Finance Corp., subsidiaries of NGL Energy Partners LP, completed an offering of $900 million of 8.125% senior secured notes due 2029 and $1.3 billion of 8.375% senior secured notes due 2032. Together with a new $700 million term loan, the proceeds will be used to redeem existing notes, repay borrowings, and for general corporate purposes. The notes are secured by liens on most of the issuers’ assets and come with covenants limiting certain financial actions by the partnership and its restricted subsidiaries. The partnership also amended its existing ABL credit agreement, extending its maturity and making other changes.
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For a comprehensive understanding of the announcement, you can read the full document here.
