NGL Energy Partners LP Completes Divestiture of Marine Assets, 23 Unsecured Note Redemption and Debt and Leverage Update
03 Aprile 2023 - 12:30PM
Business Wire
NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the
“Partnership”) is announcing the completion of the Marine asset
sale, redemption of the all 7.5% unsecured senior notes due in
November 2023 (“2023 Notes”) together with updates on debt, and
leverage at March 31, 2023. Highlights include:
- Marine asset sale completed with total cash consideration of
roughly $112 million received on March 30.
- Prepaid the associated Marine equipment note of approximately
$39 million, with remaining proceeds used to repay outstanding
balance on the ABL.
- Completed the redemption of all the 2023 Notes on March 31,
2023.
- Total debt at March 31, 2023 is slightly below $2.9 billion, a
debt reduction of roughly $600 million since September 30,
2022.
- NGL expects total leverage of approximately 4.5 times based on
our total debt and trailing twelve month Adjusted EBITDA at March
31, 2023, which is a significant achievement for the
Partnership.
“I am very grateful for the tremendous effort and focus by our
employees on increasing Adjusted EBITDA, selling underutilized
assets, and maximizing value on our asset packages. We have reduced
total debt and achieved a leverage ratio below 4.75 times Adjusted
EBITDA more quickly than most thought possible,” stated Mike
Krimbill, NGL’s CEO. “We will continue to improve our balance sheet
and look forward to providing Fiscal 2024 Adjusted EBITDA and
capital expenditure guidance on our next earnings call,” Krimbill
concluded.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware limited partnership, is a
diversified midstream energy company that transports, stores,
markets and provides other logistics services for crude oil,
natural gas liquids and other products and transports, treats and
disposes of produced water generated as part of the oil and natural
gas production process.
For further information, visit the Partnership’s website at
www.nglenergypartners.com.
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 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.
NGL provides Adjusted EBITDA guidance that does not include
certain charges and costs, which in future periods are generally
expected to be similar to the kinds of charges and costs excluded
from Adjusted EBITDA in prior periods, such as income taxes,
interest and other non-operating items, depreciation and
amortization, net unrealized gains and losses on derivatives, lower
of cost or net realizable value adjustments, gains and losses on
disposal or impairment of assets, gains and losses on early
extinguishment of liabilities, equity-based compensation expense,
acquisition expense, revaluation of liabilities and items that are
unusual in nature or infrequently occurring. The exclusion of these
charges and costs in future periods will have a significant impact
on the Partnership’s Adjusted EBITDA, and the Partnership is not
able to provide a reconciliation of its Adjusted EBITDA guidance to
net income (loss) without unreasonable efforts due to the
uncertainty and variability of the nature and amount of these
future charges and costs and the Partnership believes that such
reconciliation, if possible, would imply a degree of precision that
would be potentially confusing or misleading to investors.
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version on businesswire.com: https://www.businesswire.com/news/home/20230331005325/en/
David Sullivan, 918-481-1119 Vice President - Finance
David.Sullivan@nglep.com
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