Oaktree Capital Makes $200M Investment in NGL Energy Partners (NGL); Distribution Declared
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NGL Energy Partners LP Announces Investment From Funds Managed by Oaktree Capital Management, L.P., Declares Quarterly Cash Distribution and Provides Partnership Update
April 21, 2016 7:22 PM EDTTULSA, Okla.--(BUSINESS WIRE)-- NGL Energy Partners LP (NYSE: NGL) (the "Partnership" or NGL) today announced several strategic actions along with updated guidance. The Partnership:
Announces $200 million private placement of 10.75% Class A Convertible Preferred Units and formation of a strategic relationship with funds managed by Oaktree Capital Management L.P. (Oaktree); Declares a temporary reduction in quarterly cash distribution to $0.39 per common unit ($1.56 per common unit annualized) which will generate an additional $170 million of coverage over the next year;... More