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NGL Energy Partners LP | 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (NGL.PRC)
Prospectus excerpt: We are offering 1,600,000 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per Class C Preferred Unit, of NGL Energy Partners LP. Distributions on the Class C Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, when, as and if declared by our general partner; provided that the initial distribution on the Class C Preferred Units will accumulate from the date of original issue until June 30, 2019, and will be payable on July 15, 2019 in an amount equal to approximately $0.59 per Class C Preferred Unit. Distributions on the Class C Preferred Units will be payable out of amounts legally available therefor from and including the date of original issue to, but not including, April 15, 2024 at a rate equal to 9.625% per annum of the $25.00 liquidation preference. On and after April 15, 2024, distributions on the Class C Preferred Units will accumulate for each quarterly distribution period at a percentage of the $25.00 liquidation preference equal to the applicable Three-Month LIBOR plus a spread of 738.4 basis points. Full Prospectus PDF », Secondary Prospectus PDF », NGL Page »
Series: | C | Alternate symbology: | NGL-C, NGL-PC, NGLprC | Redeemable?: | Yes | Call Date: | 4/15/2024 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 1,600,000 | Overallotment: | 240,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $24.40 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-0.60 (-2.40%) | Annualized Dividend: | 10.716 | Recent Ex-Date: | 4/18/2024 | Current Yield: | 43.92% | Original Coupon: | 9.63% | Pay Period: | Quarterly | Pay Dates: | 15-Jan, 15-Apr, 15-Jul, 15-Oct | CDx3 Compliance Rating: |
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NGL Energy Partners transports, treats, recycles and disposes of produced water as well as transports, stores, markets and provides other logistics services for crude oil and liquid hydrocarbons. Co.'s water solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. Co.'s crude oil logistics segment purchases crude oil from producers and marketers and transports it to refineries or for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs. Co.'s liquids logistics segment conducts supply operations for natural gas liquids. Preferreds: NGL.PRB, NGL.PRC Open the NGL Information Page »
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