Deal sells common units at $29.59 each to fund acquisition of Gavilon
By Devika Patel
Knoxville, Tenn., Nov. 6 - NGL Energy Partners LP said it will raise about $240 million in a private placement of common units. UBS Investment Bank is the agent.
The company will sell common units at $29.59 per unit. The price per unit is a 6.15% discount to the Nov. 5 closing share price of $31.53.
Settlement is expected in December.
Proceeds will be used for the company's planned acquisition of Gavilon LLC.
NGL is a Tulsa, Okla.-based owner and operator of an energy business with three operating segments: midstream, wholesale supply and marketing and retail propane.
| Issuer: | NGL Energy Partners LP
|
| Issue: | Common units
|
| Amount: | $240 million (approximate)
|
| Price: | $29.59
|
| Warrants: | No
|
| Agent: | UBS Investment Bank
|
| Pricing date: | Nov. 6
|
| Stock symbol: | NYSE: NGL
|
| Stock price: | $31.53 at close Nov. 5
|
| Market capitalization: | $2.19 billion
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