NGL Energy to pay down revolving facility with common unit proceeds

By Tali Rackner

Norfolk, Va., March 5 – NGL Energy Partners LP plans to repay borrowings outstanding under its revolving credit facility with the proceeds from a 6.25 million common unit offering, according to a 424B3 filing with the Securities and Exchange Commission.

Proceeds will also be used to for general partnership purposes, including capital expenditures and potential acquisitions.

As of March 1, about $1.6 billion of borrowings were outstanding under the revolver and there were $147.2 million of letters of credit issued.

The revolver matures on Nov. 5, 2018. Borrowings under the facility were used to fund capital expenditures, for acquisition activity and for general partnership purposes.

Based in Tulsa, Okla., NGL owns and operates a vertically integrated energy business.

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