NGL Energy Partners LP | 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (NGL.PRC)
Prospectus excerpt: We are offering 1,600,000 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per Class C Preferred Unit, of NGL Energy Partners LP. Distributions on the Class C Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, when, as and if declared by our general partner; provided that the initial distribution on the Class C Preferred Units will accumulate from the date of original issue until June 30, 2019, and will be payable on July 15, 2019 in an amount equal to approximately $0.59 per Class C Preferred Unit. Distributions on the Class C Preferred Units will be payable out of amounts legally available therefor from and including the date of original issue to, but not including, April 15, 2024 at a rate equal to 9.625% per annum of the $25.00 liquidation preference. On and after April 15, 2024, distributions on the Class C Preferred Units will accumulate for each quarterly distribution period at a percentage of the $25.00 liquidation preference equal to the applicable Three-Month LIBOR plus a spread of 738.4 basis points.
NGL Energy Partners transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and refined petroleum products. Co.'s crude oil logistics segment purchases crude oil from producers and marketers and transports it to refineries or for resale. Co.'s water solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. Co.'s liquids and refined products segment conducts marketing operations for natural gas liquids, refined petroleum products and biodiesel to a range of commercial, retail and industrial customers across the United States and Canada.