NGL Energy Partners LP (NYSE: NGL) (“NGL”) today announced that it has
called for redemption all $328,005,000 aggregate outstanding principal
amount of its 5.125% Senior Notes due 2019 (the “Notes”). On
March 15, 2019 (the “Redemption Date”), registered holders of such notes
will receive a redemption payment of equal to the Make-Whole Price
applicable to a redemption of the Notes on such date.
As defined in the indenture governing the Notes, “Make-Whole Price” with
respect to any Notes to be redeemed, means an amount equal to the
greater of: (1) 100% of the principal amount of such Notes; and (2) the
sum of the present values of (a) 100% of the principal amount of such
Notes and (b) the remaining scheduled payments of interest from the
Redemption Date to June 15, 2019 (not including any portion of such
payments of interest accrued as of the Redemption Date) discounted back
to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate (as defined in
the indenture governing the Notes) plus 50 basis points; plus, in
the case of both clauses (1) and (2), accrued and unpaid interest on
such Notes, if any, to the Redemption Date. The Treasury Rate shall be
calculated no later than the fourth business day preceding the
Redemption Date.
Upon payment in full on the Redemption Date (the “Redemption Payment”),
interest on the Notes will cease to accrue on and after the Redemption
Date. Following the payment of the Redemption Payment on the Redemption
Date, there will be no Notes that remain outstanding.
Forward-Looking Statements
This press release includes “forward-looking statements.” All statements
other than statements of historical facts included or incorporated
herein may constitute forward-looking statements. Actual results could
vary significantly from those expressed or implied in such statements
and are subject to a number of risks and uncertainties. While NGL
believes such forward-looking statements are reasonable, NGL cannot
assure they will prove to be correct. The forward-looking statements
involve risks and uncertainties that affect operations, financial
performance, and other factors as discussed in filings with the United
States Securities and Exchange Commission. Other factors that could
impact any forward-looking statements are those risks described in NGL’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other
public filings. You are urged to carefully review and consider the
cautionary statements and other disclosures made in those filings,
specifically those under the heading “Risk Factors.” NGL undertakes no
obligation to publicly update or revise any forward-looking statements
except as required by law.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and
operates a vertically integrated energy business with four primary
businesses: Crude Oil Logistics; Water Solutions; NGL Liquids; and
Refined Products and Renewables. For further information, visit NGL’s
website at www.nglenergypartners.com.
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Copyright Business Wire 2019
Source: Business Wire
(February 13, 2019 - 4:52 PM EST)
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