Master limited partnership, NGL Energy (NYSE:NGL) will be selling an issue of fixed-to-floating rate preferred units.
The units will have an early redemption date starting in 4/2024 which also serves as the date the issue will begin the have a floating rate coupon.
NGL Energy has another high yield fixed-to-floating rate preferred unit series outstanding and that is the 9% series B which has a spread of 7.213% which is added to 3 month Libor starting in 7/2022. You can see it here.
This issue will generate a K-1 for owners. Additionally the issue will be unrated.