NGL Energy Partners LP

NGL Energy Partners LP announced the recent completion of the following financing transactions:

• Issuance and sale of $45.0 million of 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units on April 2, 2019;
• Redemption of 7,468,978 of the Partnership’s issued and outstanding 10.75% Class A Convertible Preferred Units on April 5, 2019, for approximately $102.5 million using net proceeds from the Class C Preferred Units as well as borrowings under its revolving credit facility. Immediately following the redemption, the partnership had 12,473,191 Class A Preferred Units issued and outstanding, representing a face value of approximately $150.1 million; and
• Issuance and sale of 7.5% senior notes due 2026 in the aggregate principal amount of $450 million on April 9, 2019, the net proceeds of which the partnership will use to repay indebtedness under its revolving credit facility, which it may re-borrow from time to time for general partnership purposes.