The OTC Grey market ticker of NGLPP has been assigned.
Midstream MLP NGL Energy Partners (NYSE:NGL) has priced a new fixed-to-floating rate preferred units with an in initial coupon of 9.625%.
The issue will pay the fixed coupon rate until 4/15/2024 after which it will float at a rate of 3 month Libor plus a spread of 7.384%.
Being a MLP this issue will generate a K-1 at tax time and the distributions will not be qualified for preferential tax treatment.
The issue is unrated.
This issue will trade under the permanent ticker of NGL-C when it begins to trade on the NYSE, but in the meantime will trade on the OTC Grey market although the ticker has not been announced.