Tulsa’s NGL Energy Partners LP is making an offering of its company units as it attempts to raise money.
The company said the public offering is of Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in NGL.
NGL said it will also grant the underwriters a 30-day option to purchase additional Class C Preferred Units solely to cover over-allotments if there are any.
NGL said it intends to use the net proceeds to repay indebtedness under its revolving credit facility.
RBC Capital Markets, LLC, Morgan Stanley & Co. LLC and UBS Securities LLC are acting as joint book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated is acting as joint-lead manager and Citigroup Global Markets Inc. and Raymond James & Associates, Inc. are acting as co-managers for the offering.