SEC Filing Summary: NGL Energy Partners LP (8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by NGL Energy Partners LP on February 13, 2019. The filing discloses a material corporate event regarding the redemption of outstanding senior notes.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, or liquidity metrics. The primary financial data point disclosed is the aggregate principal amount of debt being redeemed:
- Debt Instrument: 5.125% Senior Notes due 2019.
- Principal Amount: $328,005,000.
- Redemption Date: March 15, 2019.
- Redemption Price: The "Make-Whole Price," defined as the greater of 100% of the principal amount or the present value of remaining principal and interest payments discounted at the Treasury Rate plus 50 basis points, plus accrued interest.
Material Changes
The Company has initiated the full redemption of all outstanding 5.125% Senior Notes. Upon the March 15, 2019 payment date, no Notes will remain outstanding, and interest accrual will cease. This action reduces the Company's long-term debt obligations.
Outlook, Risks, and Management Commentary
Management has instructed U.S. Bank National Association to distribute the formal notice of redemption to registered holders. The filing states that the redemption is being made solely pursuant to the formal notice dated February 13, 2019. The filing does not contain forward-looking guidance, risk factors, or commentary on future operations beyond the mechanics of this specific debt transaction.
Investor Verification Checklist
- Verify the final "Make-Whole Price" calculation once the Treasury Rate is determined (no later than the fourth business day preceding March 15, 2019).
- Confirm the total cash outflow required for the redemption, including accrued interest.
- Review the Company's liquidity position to ensure sufficient funds are available for the March 15, 2019 payment.
- Check for any subsequent filings regarding the completion of the redemption.