Business Context and Reporting Period
This Form 8-K Current Report was filed by NGL Energy Partners LP on December 30, 2013. The filing reports a material definitive agreement entered into on the same date by NGL Energy Operating, LLC, a wholly-owned subsidiary acting as the borrowers' agent for the Partnership.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or liquidity figures. The primary financial metric disclosed is a modification to the company's debt capacity:
- Debt Facility Increase: The Partnership's working capital revolving credit facility commitments were increased by $50 million.
- Administrative Agent: Deutsche Bank Trust Company Americas.
Material Changes
The material change reported is the execution of a Facility Increase Agreement. This agreement expands the available borrowing capacity under the existing revolving credit facility by an additional $50 million. No other material changes to financial position or operations are detailed in this specific report.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the standard legal disclaimer that the summary of the agreement is qualified by reference to the full text of Exhibit 10.1. No unusual items or contingencies are disclosed in this document.
Investor Verification Checklist
- Verify the total aggregate commitment amount of the revolving credit facility post-increase by reviewing the full Facility Increase Agreement (Exhibit 10.1).
- Confirm the interest rate terms, fees, and covenants associated with the additional $50 million commitment.
- Review the Partnership's most recent 10-Q or 10-K to understand the current utilization rate of the facility prior to this increase.