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NGL Energy to pay down senior secured revolver via new notes, units
By Marisa Wong
Morgantown, W.Va., Feb. 15 – NGL Energy Partners LP said it expects to reduce borrowings under its senior secured revolving credit facility using proceeds from an offering of senior notes and a concurrent offering of common units.
On Wednesday, NGL and subsidiary NGL Energy Finance Corp. announced that they planned to offer $450 million of senior notes due 2025.
The parent company also said it plans to offer 8 million common units with a greenshoe for up to 1.2 million additional units.
NGL Energy is a Tulsa, Okla.-based vertically integrated energy company.
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