NGL Energy Partners LP (NYSE: NGL) (“NGL” or the “Partnership”)
announced today that the Partnership has amended its revolving credit
facility by expanding its financial covenants over the next three
quarters. Among other changes, the total leverage covenant, as defined
in the revolving credit facility, increased to 5.50x beginning for the
period ending June 30, 2017, stepping down to 4.75x at March 31, 2018
and to 4.50x at March 31, 2019. The Partnership’s senior secured
leverage covenant, also as defined in the revolving credit facility, was
decreased to 2.50x through December 31, 2017 before returning to the
current level of 3.25x for the remaining term of the facility.
Additionally, the interest coverage covenant was decreased to 2.25x
through December 31, 2017 before returning to 2.75x thereafter.
Other changes include, but are not limited to, the addition of an
additional tier to the pricing grid reflecting the increased total
leverage covenant and limitations on additional indebtedness and
distribution increases during elevated leverage periods. The amendment
is effective as of June 2, 2017.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and
operates a vertically integrated energy business with five primary
businesses: Crude Oil Logistics, Water Solutions, Liquids, Retail
Propane and Refined Products and Renewables. NGL completed its initial
public offering in May 2011. For further information, visit the
Partnership’s website at www.nglenergypartners.com.
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Copyright Business Wire 2017
Source: Business Wire
(June 5, 2017 - 6:20 AM EDT)
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