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NGL Energy set to sell preferred units to Oaktree Capital

NGL Energy Partners LP, the Tulsa, Oklahoma, energy firm, formed a partnership with funds managed by Oaktree Capital Management, the Los Angeles investment manager. Under the terms, NGL will issue $200 million of 10.75% Class A convertible preferred units to Oaktree. Oaktree will acquire 16.6 million preferred units for $12.03 each as well as 3.6 million warrants, which are subject to certain vesting and exercise terms. NGL expects to use the proceeds to repay borrowings outstanding on its revolving credit facility. It said it may reborrow those funds to finance capital expenditures and other matters. RBC Capital Markets, UBS Investment Bank and Deutsche Bank Securities were placement agents and financial advisers to NGL. Andrews Kurth LLP was legal counsel to NGL. Oaktree took financial advice from Barclays and legal advice from Vinson & Elkins.

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PE Deals,NGL Energy Partners LP,Oaktree Capital Management,Mergers & Acquisitions,M&A

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