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NGL Energy Partners LP, 9.00% Class B Fixed/Float Cumul Red Perp Preferred Units
Ticker Symbol: NGL-B     CUSIP: 62913M206     Exchange: NYSE
Security Type:   Traditional Preferred Stock

Security's Distribution is Suspended!

QUANTUMONLINE.COM SECURITY DESCRIPTION:  NGL Energy Partners LP, 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per unit, redeemable at the issuer's option on or after 7/1/2022 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity.

Cumulative distributions of 9.00% per annum ($2.25 per annum or $0.5625 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be 1/1, 4/1, 7/1 & 10/1 respectively (NOTE: the ex-dividend date is one business day prior to the record date). On and after 7/1/2022, distributions on the units will accumulate at a redemption price in cash of $25.00 per unit equal to the applicable three-month LIBOR plus a spread of 721.3 basis points.

Holders of the Preferred Units will receive specific tax information from the company, including a Schedule K-1 which generally would be expected to provide a single income item equal to the preferred return (see page 51 of the prospectus for details).

Upon the occurrence of a change of control the company will have the option within 120 days to redeem the units at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details).

This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
NYSE
Chart
FixFloat
$2.25
$25.00
$25.00
7/01/2022
None
NR NR
4/16/2023
Suspended!
1/15, 4/15, 7/15 & 10/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
No

Go to Parent Company's Record (NGL)

Notes:  Feb. 4, 2021-- NGL Energy Partners LP (NYSE: NGL) closed on $2.05 billion of newly issued 7.5% senior secured notes due 2026 (the ”2026 Secured Notes”) and a new $500 million asset-based revolving credit facility (the “ABL Facility”) which also matures in 2026. The proceeds from the 2026 Secured Notes and borrowings under the ABL Facility will be used to repay all outstanding amounts under the Partnership’s existing $1.915 billion revolving credit facility and repay its $250 million term credit facility, along with all fees and expenses associated with any of these repayments and the issuance of the 2026 Secured Notes and the ABL Facility. The Partnership currently has approximately $340 million in availability under the ABL Facility, net of all currently outstanding borrowings and letters of credit. In connection with the refinancing, the Partnership agreed to certain restricted payment provisions under the 2026 Notes and the ABL Facility. One of these provisions requires NGL to temporarily suspend the quarterly common unit distribution beginning with respect to the quarter ended December 31, 2020, as well as distributions on all of the Partnership’s preferred units, until the total leverage ratio falls below 4.75x. The cash savings from this suspension should accelerate the deleveraging of the Partnership’s balance sheet and increase NGL’s liquidity, thereby creating more financial flexibility for the Partnership going forward.

IPO - 6/6/2017 - 7.40 Million Units @ $25.00 /unit.    Link to IPO Prospectus
Previous Ticker Symbol: NGGLP    Changed: 6/16/2017
Market Value $ Million

Company's Online Information Links
HOME PAGE:     https://www.nglenergypartners.com/
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Inv Rel Email Address David.Sullivan@nglep.com
General Email Address investorinfo@nglep.com

Address and Phone Numbers
Address:   6120 South Yale Avenue, Suite 805, Tulsa, OK 74136
Main Phone Number 918-481-1119
Fax Number Not Available
Investor Contact (VP Finance)   David Sullivan 918-481-1119
CEO - H. Michael Krimbill CFO - Brad Cooper


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