Business Context and Reporting Period
Company: NGL Energy Partners LP
Filing Type: Form 8-K (Current Report)
Date of Report: July 31, 2015
Event: Entry into a Material Definitive Agreement (Amendment No. 10 to Credit Agreement).
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or liquidity metrics. It focuses exclusively on a modification to the company's credit facility.
| Metric | Value |
|---|---|
| Total Credit Agreement Capacity | $2.296 billion |
| Reallocatable Capacity (Working Capital vs. Expansion Capital) | Increased to $400 million |
| Previous Reallocatable Capacity | $125 million |
Material Changes
On July 31, 2015, the Partnership and its subsidiary borrowers entered into Amendment No. 10 to their Credit Agreement with Deutsche Bank Trust Company Americas and other financial institutions. The primary material change is the increase in the amount of capacity that may be reallocated between the working capital facility and the expansion capital facility from $125 million to $400 million. The total capacity available under the agreement remains unchanged at $2.296 billion.
Guidance, Outlook, and Risks
The filing does not provide updated financial guidance, management commentary on future outlook, or specific risk factors beyond the terms of the credit amendment. The text notes that the description of the material terms is qualified in its entirety by reference to Exhibit 10.1.
Investor Verification Checklist
- Verify the full terms of Amendment No. 10 to the Credit Agreement in Exhibit 10.1.
- Confirm the impact of the increased reallocation flexibility ($400 million) on the company's capital deployment strategy.
- Review the total outstanding debt levels to understand the utilization of the $2.296 billion facility.
- Check for any covenants or conditions attached to the reallocation of funds between working capital and expansion capital.