NGL Energy Partners LP Announces Cash Distribution of 55.4% of Outstanding Arrearages for Class B, Class C and Class D Preferred Units
05 Aprile 2024 - 12:26AM
Business Wire
NGL Energy Partners LP (NYSE: NGL) announced today that the
Board of Directors of its general partner approved a distribution
of 55.4% of the outstanding arrearages for the quarter ending March
31, 2024 to be paid to the holders of the Partnership’s 12.544%
Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual
Preferred Units (“Class B Preferred Units”) and the 9.625% Class C
Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred
Units (“Class C Preferred Units”) in accordance with the terms
outlined in NGL’s partnership agreement. Each of the Class B
Preferred Units quarterly distribution of $3.0224 per unit and the
Class C Preferred Units quarterly distribution of $2.6790 per unit
will be made on April 18, 2024 to holders of record at the close of
trading on April 12, 2024.
Additionally, the Board of Directors declared a cash
distribution in the amount of $77,140,426, which represents the
55.4% of the outstanding arrearages on the Class D preferred units
as of March 31, 2024. The arrearage payment on the Class D
Preferred units will be made on April 18, 2024.
The total amount of the distributions will be $120,000,000 which
will be financed with cash on the Balance Sheet and a draw on the
ABL.
Forward-Looking Statements
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
forwarding-looking statements. Although we believe that the
expectations reflected in these forward-looking statements are
reasonable, we cannot assure you that these expectations will prove
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 our documents
and reports filed with the SEC.
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, we undertake 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, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240404271108/en/
Investor Contact: NGL Energy Partners LP David Sullivan,
918-495-4631 Vice President - Finance David.Sullivan@nglep.com
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