NGL Energy starts roadshow for $400 million eight-year notes

By Paul A. Harris

Portland, Ore., Oct. 3 - NGL Energy Partners LP began a roadshow on Thursday for its $400 million offering of eight-year senior notes (B2/BB-/BB-), according to a syndicate source.

The deal is expected to price during the week ahead.

RBC Capital Markets is the left bookrunner for the Rule 144A and Regulation S with registration rights notes offer. RBS Securities Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC, BofA Merrill Lynch, UBS Investment Bank and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

ABN Amro Inc., BNP Paribas Securities Corp. and HSBC Securities (USA) Inc. are the co-managers.

The notes come with three years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to repay bank debt.

The Tulsa-based issuer is a diversified midstream master limited partnership providing vertically integrated services to producers and end-users in the U.S. oil and gas industry.

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