{"id":429532,"date":"2021-02-04T16:26:54","date_gmt":"2021-02-04T21:26:54","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=429532"},"modified":"2021-02-04T16:26:54","modified_gmt":"2021-02-04T21:26:54","slug":"ngl-closes-refinancing-of-revolving-credit-facility-which-extends-maturities-to-2026-and-increases-liquidity-provides-distribution-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ngl-closes-refinancing-of-revolving-credit-facility-which-extends-maturities-to-2026-and-increases-liquidity-provides-distribution-update\/","title":{"rendered":"NGL Closes Refinancing of Revolving Credit Facility which Extends Maturities to 2026 and Increases Liquidity; Provides Distribution Update"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>NGL Closes Refinancing of Revolving Credit Facility which Extends Maturities to 2026 and Increases Liquidity; Provides Distribution Update<\/b><\/p>\n<p>TULSA, Okla.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nNGL Energy Partners LP (NYSE: NGL) (\u201cthe \u201cPartnership\u201d or \u201cNGL\u201d) closed on $2.05 billion of newly issued 7.5% senior secured notes due 2026 (the \u201d2026 Secured Notes\u201d) and a new $500 million asset-based revolving credit facility (the \u201cABL Facility\u201d) 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\u2019s 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.\n<\/p>\n<p>\nIn 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\u2019s preferred units, until the total leverage ratio falls below 4.75x. The cash savings from this suspension should accelerate the deleveraging of the Partnership\u2019s balance sheet and increase NGL\u2019s liquidity, thereby creating more financial flexibility for the Partnership going forward.\n<\/p>\n<p>\n\u201cThis refinancing of our credit facility meaningfully extends our debt maturities and provides a significant improvement in our liquidity,\u201d stated Mike Krimbill, NGL\u2019s CEO. \u201cThis structure also gives the Partnership additional flexibility once our leverage has been reduced and eliminates certain financial covenants. Our Board of Directors expects to evaluate a reinstatement of the common and preferred distributions in due course, taking into account a number of important factors, including our debt leverage, our liquidity, the sustainability of our cash flows, upcoming debt maturities, capital expenditures and the overall performance of our businesses.\u201d\n<\/p>\n<p>\nJP Morgan Chase Bank, N.A. is an Issuing Lender, Joint Lead Arranger, Joint Bookrunner and the Collateral and Administrative Agent for the ABL Facility. Royal Bank of Canada and Barclays Bank PLC are also Joint Lead Arrangers, Joint Bookrunners and Lenders for the ABL Facility. The Toronto-Dominion Bank, New York Branch, and Wells Fargo Bank, National Association are Issuing Lenders under the ABL Facility. Paul Hastings LLP was legal advisor to the Partnership and Simpson Thacher &amp; Bartlett LLP was counsel to the bank group. Intrepid Partners, LLC served as an advisor to the Partnership.\n<\/p>\n<p>\nThe offer and sale of the 2026 Secured Notes have not been registered under the Securities Act or any state securities laws an may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the 2026 Secured Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.\n<\/p>\n<p><b><i>Forward Looking Statements<\/i><\/b><\/p>\n<p>\nThis press release includes \u201cforward-looking statements.\u201d All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL\u2019s annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading \u201cRisk Factors.\u201d NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.\n<\/p>\n<p><b>About NGL Energy Partners LP<\/b><\/p>\n<p>\nNGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.nglenergypartners.com&amp;esheet=52374279&amp;newsitemid=20210204006096&amp;lan=en-US&amp;anchor=www.nglenergypartners.com&amp;index=1&amp;md5=2743efdf5ebc026869d5936ecfc33f65\">www.nglenergypartners.com<\/a>.\n<\/p>\n<p><i>This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partner LP\u2019s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.<\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210204006096r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210204006096\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210204006096\/en\/<\/a><\/span><\/p>\n<p>\nNGL Energy Partners LP\n<\/p>\n<p>\nTrey Karlovich, 918.481.1119<br \/>\n<br \/>Executive Vice President and Chief Financial Officer<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Trey.Karlovich@nglep.com\">Trey.Karlovich@nglep.com<br \/>\n<\/a><br \/>or<br \/>\n<br \/>Linda Bridges, 918.481.1119<br \/>\n<br \/>Senior Vice President \u2013 Finance and Treasurer<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Linda.Bridges@nglep.com\">Linda.Bridges@nglep.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Oklahoma United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Energy Other Energy Oil\/Gas<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210204006096\/en\/274573\/3\/NGLEP_Blue_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>NGL Closes Refinancing of Revolving Credit Facility which Extends Maturities to 2026 and Increases Liquidity; Provides Distribution Update TULSA, Okla.&#8211;(BUSINESS WIRE)&#8211; NGL Energy Partners LP (NYSE: NGL) (\u201cthe \u201cPartnership\u201d or \u201cNGL\u201d) closed on $2.05 billion of newly issued 7.5% senior secured notes due 2026 (the \u201d2026 Secured Notes\u201d) and a new $500 million asset-based revolving credit facility (the \u201cABL Facility\u201d) 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\u2019s 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ngl-closes-refinancing-of-revolving-credit-facility-which-extends-maturities-to-2026-and-increases-liquidity-provides-distribution-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;NGL Closes Refinancing of Revolving Credit Facility which Extends Maturities to 2026 and Increases Liquidity; Provides Distribution Update&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-429532","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NGL Closes Refinancing of Revolving Credit Facility which Extends Maturities to 2026 and Increases Liquidity; Provides Distribution Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ngl-closes-refinancing-of-revolving-credit-facility-which-extends-maturities-to-2026-and-increases-liquidity-provides-distribution-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NGL Closes Refinancing of Revolving Credit Facility which Extends Maturities to 2026 and Increases Liquidity; Provides Distribution Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NGL Closes Refinancing of Revolving Credit Facility which Extends Maturities to 2026 and Increases Liquidity; Provides Distribution Update TULSA, Okla.&#8211;(BUSINESS WIRE)&#8211; NGL Energy Partners LP (NYSE: NGL) (\u201cthe \u201cPartnership\u201d or \u201cNGL\u201d) closed on $2.05 billion of newly issued 7.5% senior secured notes due 2026 (the \u201d2026 Secured Notes\u201d) and a new $500 million asset-based revolving credit facility (the \u201cABL Facility\u201d) 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\u2019s 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 &hellip; Continue reading &quot;NGL Closes Refinancing of Revolving Credit Facility which Extends Maturities to 2026 and Increases Liquidity; Provides Distribution Update&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ngl-closes-refinancing-of-revolving-credit-facility-which-extends-maturities-to-2026-and-increases-liquidity-provides-distribution-update\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-04T21:26:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210204006096r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ngl-closes-refinancing-of-revolving-credit-facility-which-extends-maturities-to-2026-and-increases-liquidity-provides-distribution-update\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ngl-closes-refinancing-of-revolving-credit-facility-which-extends-maturities-to-2026-and-increases-liquidity-provides-distribution-update\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"NGL Closes Refinancing of Revolving Credit Facility which Extends Maturities to 2026 and Increases Liquidity; 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