NGL Energy Partners LP announces investment from Oaktree Capital Management and Partners Group
NGL Energy Partners has completed its private placement of 10.75% Class A Convertible Preferred Units with funds managed by Oaktree Capital Management, including a vehicle funded by Partners Group.
On April 21, 2016, the Partnership entered into an agreement to issue US$200 million of 10.75% Class A Convertible preferred units to Oaktree. On June 23, 2016, the Partnership and Oaktree amended the purchase agreement increasing the aggregate amount of the private placement from US$200 million to US$240 million.
NGL expects to use the net proceeds from the issuance of the preferred units and warrants to repay borrowings outstanding on its revolving credit facility, which may be re-borrowed in the future to fund capital expenditures and for other general partnership purposes.
The Partnership and Oaktree have also formed a strategic relationship to pursue future opportunities within the Partnership’s current business segments.
In connection with the sale of the units, RBC Capital Markets, UBS Investment Bank and Deutsche Bank Securities acted as placement agents and financial advisors to NGL and Andrews Kurth LLP acted as legal counsel to NGL. Barclays acted as financial advisor to Oaktree and Vinson & Elkins acted as legal counsel to Oaktree.
Country news
-
-
June 30, 2016
Everest Infrastructure Partners raises US$100 M
Everest Infrastructure Partners, an emerging infrastructure investor, has announced with its exclusive institutional sponsor, Wood Creek Capital Management, the closing of capital commitments totaling $100 million. Read more -
June 30, 2016
Dynegy prices seven-year term loan for acquisition
Dynegy Inc. has announced completion of the pricing and allocation of a seven-year term loan totaling US$2 billion for the acquisition of U.S. fossil generation assets from an indirect subsidiary of ENGIE S.A. Read more -
June 29, 2016
SunEdison appoints John S. Dubel as Chief Executive Officer
SunEdison, a firm that develops, finances, installs, owns and operates renewable power plants, has appointed John S. Dubel as the company's Chief Executive Officer. Read more -
June 24, 2016
D. E. Shaw Renewable Investments announces the acquisition of Portal Ridge Solar Project
D. E. Shaw Renewable Investments, L.L.C. (DESRI) has acquired the a 31 MW-ac solar facility located in Lancaster, California from First Solar, Inc. Read more -
June 22, 2016
Invenergy sells majority stake in Texas wind project
Invenergy has sold a 90.1% stake in the 257 MW Wake wind project in Dickens, aCrosby and Floyd Counties in Texas, USA, to Southern Power. Read more
