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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Monday, October 14, 4:53 PM

Slide #112. NGL Energy Partners LP Preferred Stock Offering

Company: NGL Energy Partners LP (NYSE:NGL)
Date announced: 6/6/2017
Shares Offered: 7,400,000
Date of Pricing: 6/6/2017
Price Per Share: $25.00
Preferred Stock Offering Details: 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. -updated 6/6- NGL Energy Partners LP (NYSE:NGL) today announced it has priced its underwritten public offering of 7,400,000 of its 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per unit, representing limited partner interests in NGL, at a price of $25.00 per Class B Preferred Unit. NGL has granted the underwriters a 30-day option to purchase up to 1,110,000 additional Class B Preferred Units, solely to cover over-allotments, if any. NGL expects to receive approximately $179 million in net proceeds from the offering after deducting the underwriters' discount and NGL's estimated offering expenses, assuming no exercise by the underwriters of their option to purchase additional Class B Preferred Units, or approximately $206 million if the underwriters exercise their option to purchase additional Class B Preferred Units in full. The offering is expected to close on June 13, 2017, subject to customary closing conditions.

NGL Energy Partners is a limited partnership company. Co.'s operations include: Crude Oil Logistics, which purchases crude oil from producers and transports it to refineries or for resale; Water Solutions, which provides services for the treatment and disposal of wastewater generated from crude oil and natural gas production; Liquids, which supplies natural gas liquids to retailers, wholesalers, refiners, and petrochemical plants; and Refined Products and Renewables, which conducts gasoline, diesel, ethanol, and biodiesel marketing operations, purchases refined petroleum and renewable products primarily in the Gulf Coast, Southeast and Midwest regions of the U.S.

Preferred: NGL.PRB


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Name:  NGL Energy Partners LP
Website:  www.nglenergypartners.com
Sector:  Oil & Gas Equipment & Services
Number of ETFs Holding NGL:  3 (see which ones)
Total Market Value Held by ETFs:  $5,458,449.9
Total Market Capitalization:  $1,488,000,000
% of Market Cap. Held by ETFs:  0.37%
 

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