NGL Energy Partners Selling Preferred Units

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.

The preliminary prospectus can be found here.

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.

2 thoughts on “NGL Energy Partners Selling Preferred Units”

  1. Tim, Check out announcement on Brighthouse, heavy volume and addition to SPMidcap or some such. I had an opeb order cancelled today and notified by emai. Hope this helps someone who is watching this company. JA

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