NGL Energy Partners LP (NYSE:NGL) (the “Partnership”) today announced the recent completion of the following financing transactions:
“These financing transactions have addressed our near term debt maturities and increased our liquidity, with a focus on continuing to maintain our strong credit metrics and on improving our cost of capital,” stated Trey Karlovich, the Partnership’s Chief Financial Officer. “We have made tremendous progress on improving our leverage, and we will continue to focus on our balance sheet as we grow the business with the intention of keeping our compliance leverage below our stated 3.25x target.”
The following table summarizes the principal amounts of the Partnership’s outstanding debt under its revolving credit facility and its senior notes, as well as the face value of the Partnership’s preferred equity balances, in each case, as of December 31, 2018, March 31, 2019, and March 31, 2019, pro forma for the transactions discussed above (in millions):
|December 31, 2018||March 31, 2019||March 31, 2019|
|Expansion Capital Borrowings||$||-||$||275.0||$||-|
|Working Capital Borrowings||889.0||896.0||788.7|
|5.125% Senior Notes Due 2019||339.9||-||-|
|7.500% Senior Notes Due 2023||607.3||607.3||607.3|
|6.125% Senior Notes Due 2025||389.1||389.1||389.1|
|7.500% Senior Notes Due 2026||-||-||450.0|
|10.75% Class A Convertible Preferred Units||$||240.0||$||240.0||$||150.1|
|9.00% Class B Perpetual Preferred Units||210.0||210.0||210.0|
|9.625% Class C Perpetual Preferred Units||-||-||45.0|
As of March 31, 2019, and pro forma for the transactions discussed above, the Partnership would have had approximately $2.2 billion in total long-term debt, including $788.7 million outstanding on its revolving credit facility, and would have had approximately $838 million of remaining borrowing capacity under its revolving credit facility (net of approximately $138 million of outstanding letters of credit).
Certain matters contained in this Press Release include "forward-looking statements." All statements, other than statements of historical fact, included in this Press Release may constitute forward-looking statements. Although the Partnership believes that the expectations reflected in these forward-looking statements are reasonable, the Partnership cannot provide any assurance that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of the Partnership’s documents and reports filed with the United States Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Press Release, which reflect management's opinions only as of the date hereof. Except as required by law, the Partnership undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. The Partnership owns and operates a vertically integrated energy business with four primary businesses: water solutions, crude oil logistics, NGL logistics and refined products/renewables. For further information, visit the Partnership's website at www.nglenergypartners.com.
|Deutsche Bank X-markets: Alle Derivate|
TULSA, Okla. – NGL Energy Partners LP (NYSE:NGL) (“NGL” or the “Partnership”) today announced it has closed the previously announced transaction to sell TransMontaigne Product Services, ...weiterlesen
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