Tulsa’s NGL Energy Partners LP announced plans to raise more capital for its projects with the offering of more than 25 million shares in the company.
In a filing with the Securities and Exchange Commission, the company offered the Class D Preferred units as well as 25,500,000 common units. The common units represent limited partner interests in the partnership.
“We will not receive any proceeds from the sales of the Class D Preferred Units or common units by the selling unitholders,” stated the company.
NGL said the 25,500,000 common units were issued to the selling unitholders on July 2, 2019 and Oct. 31, 2019.
Common units in the company sold for $9.83 as of Feb. 7, 2020 on the New York Stock Exchange.