TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner approved distributions to fully pay the remaining distribution arrearage on the Class B, Class C and Class D Preferred Units. The arrearage payment will be made 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 will receive $2.475 to fully pay all outstanding distribution arrearages and interest as of April 25, 2024, which includes the distribution earned in the quarter ending March 31, 2024. The distribution will be paid on April 25, 2024, to the holders of record at the close of trading on April 19, 2024.
Each of the Class C Preferred Units will receive $2.186 to fully pay all outstanding distribution arrearages and interest as of April 25, 2024, which includes the distribution earned in the quarter ending March 31, 2024. The distribution will be paid on April 25, 2024, to the holders of record at the close of trading on April 19, 2024.
Additionally, the Board of Directors declared a cash distribution in the amount of $63,005,374 to fully pay all outstanding distribution arrearages and interest as of April 25, 2024, on the Class D Preferred units, which includes the distribution earned in the quarter ending March 31, 2024. The arrearage payment on the Class D Preferred units will be made on April 25, 2024.
The total amount of the distribution will be $98,089,360 which will be financed with recently announced North and South Ranch sale proceeds and a draw on the ABL.
NGL has made tremendous progress this year and with the announcement of becoming current on all our preferred unit classes, NGL has more flexibility with respect to capital investment and equity, commented Mike Krimbill, NGL's CEO.
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