NGL Energy amends revolvers, expanding total size to $330 million

By Sara Rosenberg

New York, Aug. 23 - NGL Energy Partners LP amended its revolving credit facilities, increasing the total size to $330 million from $200 million, according to a news release.

The upsizing was done through an $80 million increase in the working capital facility to $130 million and a $50 million increase in the acquisition facility to $200 million.

The maturity on the revolvers was extended to October 2016, except for $30 million of the working capital facility for seasonal credit needs, which matures in February 2012.

Glaucon Capital Partners acted as financial adviser and placement agent in connection with the arrangement of the credit facility.

"Our expanded credit facility provides the Partnership with the flexibility to pursue additional growth opportunities, as well as providing efficient access to working capital for our operations," said Craig S. Jones, chief financial officer, in the release.

NGL is a Tulsa, Okla.-based owner and operator of an energy business with three operating segments: midstream, wholesale supply and marketing and retail propane.

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