TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner approved a distribution of 55.4% of the outstanding arrearages for the quarter ending March 31, 2024 to be paid to the holders of the Partnership's 12.544% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Class B Preferred Units) and the 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Class C Preferred Units) in accordance with the terms outlined in NGL's partnership agreement. Each of the Class B Preferred Units quarterly distribution of $3.0224 per unit and the Class C Preferred Units quarterly distribution of $2.6790 per unit will be made on April 18, 2024 to holders of record at the close of trading on April 12, 2024.
Additionally, the Board of Directors declared a cash distribution in the amount of $77,140,426, which represents the 55.4% of the outstanding arrearages on the Class D preferred units as of March 31, 2024. The arrearage payment on the Class D Preferred units will be made on April 18, 2024.
The total amount of the distributions will be $120,000,000 which will be financed with cash on the Balance Sheet and a draw on the ABL.
Forward-Looking Statements
Certain matters contained in this press release include forward-looking statements. All statements, other than statements of historical fact, included in this press release may constitute forwarding-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management's opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About NGL Energy Partners (NYSE:NGL) LP
NGL Energy Partners LP , a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process.
For further information, visit the Partnership's website at www.nglenergypartners.com.
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Investor Contact:
NGL Energy Partners LP
David Sullivan, 918-495-4631
Vice President - Finance
David.Sullivan@nglep.com
Source: NGL Energy Partners LP