Business Context and Reporting Period
This Form 8-K filing by NGL Energy Partners LP (NGL) reports a material definitive agreement entered into on December 30, 2019. The filing was signed on January 6, 2020, by Robert W. Karlovich III, Chief Financial Officer.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, or total debt levels. The primary financial metric disclosed is an increase in credit facility capacity.
- Revolving Credit Facility Increase: $125.0 million
- Counterparty: Deutsche Bank Trust Company Americas (as administrative agent) and other financial institutions.
Material Changes
The material change reported is the execution of a Facility Increase Agreement by NGL Energy Operating, LLC, a wholly-owned subsidiary of the Partnership. This agreement increases the total revolving commitments under the Partnership's existing revolving credit facility by $125.0 million.
Guidance, Outlook, and Risks
The filing text does not contain management commentary, forward-looking guidance, specific risk factors, or details regarding contingencies and unusual items beyond the description of the credit facility expansion.
Investor Verification Checklist
- Verify the total aggregate capacity 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 $125.0 million commitment.
- Review the Partnership's most recent 10-K or 10-Q to understand the current utilization rate of the credit facility prior to this increase.