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NGL Energy Partners LP has reported the commencement of an underwritten public offering of 4,100,000 common units representing limited partner interests.
NGL will also grant the underwriters a 30-day option to purchase up to 615,000 additional common units. NGL intends to use the net proceeds from this offering, including any net proceeds from the underwriters’ exercise of their option to purchase additional common units, to repay indebtedness incurred in connection with recent acquisitions.
RBC Capital Markets, BofA Merrill Lynch and Wells Fargo Securities will act as the joint bookrunners for the offering.