Business Context and Reporting Period
This Form 8-K Current Report was filed by NGL Energy Partners LP on March 26, 2019. The filing serves as a Regulation FD disclosure regarding a new capital raising initiative.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the announcement of a new securities offering rather than operational financial results.
Material Changes
The material event reported is the launch of a public offering of Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. These units represent limited partner interests in the Partnership.
Guidance, Outlook, and Risks
The filing incorporates a press release (Exhibit 99.1) detailing the offering. No specific guidance, outlook, or management commentary regarding future performance is included in the text of this 8-K. The filing notes that the information is furnished and not deemed "filed" for purposes of Section 18 of the Exchange Act, except as specifically identified.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific terms of the Class C Preferred Units offering.
- Verify the pricing, dividend rate, and redemption terms of the new perpetual preferred units.
- Confirm the total size of the offering and the intended use of proceeds.
- Check subsequent filings for the final closing of the offering.