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NGL Energy enters amended, restated $1.77 billion credit agreement
By Tali Rackner
Norfolk, Va., Feb. 15 – NGL Energy Partners LP entered into an amended and restated credit agreement on Tuesday with Deutsche Bank Trust Co. as administrative and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.
The new credit agreement amends and restates the existing credit agreement dated June 19, 2012 and provides for up to $1.765 billion in aggregate commitments, consisting of a $1 billion revolving credit facility and a $765 million revolving credit facility.
The $1 billion revolver will be used for working capital requirements and other general corporate purposes and the $765 million revolver will be used for acquisitions, internal growth projects, other capital expenditures and general corporate purposes.
The maturity was extended to Oct. 5, 2021 from Nov. 5, 2018.
NGL Energy has the right to increase the total amount available by up to $300 million.
Borrowings will bear interest at Libor plus 150 basis points to 275 bps, depending on leverage. The commitment fee ranges from 37.5 bps to 50 bps, also based on leverage.
The initial rates are Libor plus 250 bps for interest and 50 bps for the commitment fee.
Beginning with the fiscal quarter ended Dec. 31, 2016, the partnership must maintain a maximum senior secured leverage ratio of 3.5 times as of the close of business as of the last day of any fiscal quarter. As of Dec. 31, 2016, the ratio was about 1.76 times.
Royal Bank of Canada is the syndication agent on the deal; BNP Paribas is the documentation agent; and Deutsche Bank Securities Inc., RBC Capital Markets LLC, BNP Paribas and TD Securities (USA) LLC are the joint lead arrangers and bookrunners.
NGL Energy is a Tulsa, Okla.-based vertically integrated energy company.
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