TULSA, Okla. - NGL Energy Partners LP (NYSE: NYSE:NGL) and its subsidiary, NGL Energy Operating LLC, announced their intention to syndicate a new $700 million senior secured term loan with a seven-year maturity. The proceeds are aimed at refinancing existing debt, including the repayment of senior notes, and covering general corporate expenses.
The closing of this term loan, expected in the first quarter of 2024, is subject to market conditions, lender commitments, and customary closing conditions.
Alongside this announcement, NGL released preliminary financial estimates for the fiscal third quarter ending December 31, 2023. The company expects its Consolidated Adjusted EBITDA to be between $150 million and $160 million, with capital expenditures ranging from $30 million to $40 million.
Additionally, NGL disclosed its debt levels as of December 31, 2023, which include $55.0 million in asset-based revolving credit facility borrowings and senior notes totaling over $2.6 billion with varying interest rates and maturities.
The provided figures are preliminary and subject to change, as the financial results have not been finalized nor reviewed by auditors. NGL has stated it will release its official third-quarter earnings after the market closes on February 8, 2024, followed by a management-hosted earnings call.
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