The Firm advised (i) the initial purchasers with respect to the offering by NGL Energy Partners LP (“NGL”) of $900 million of senior secured notes due 2029 and $1.3 billion of senior secured notes due 2032, (ii) the lead arrangers, led by TD Securities (USA) LLC, with respect to NGL’s $700 million senior secured term loan facility and (iii) the lead arrangers, led by JPMorgan Chase Bank, N.A., with respect to the amendment, extension and upsize of NGL’s $600 million asset-based revolving credit facility (the “ABL”). NGL will use the proceeds of the new secured notes offering and the term loan to redeem its existing secured and unsecured notes, pay fees and expenses in connection with the refinancing transactions, repay borrowings under the ABL, and to the extent of any remaining proceeds, for general corporate purposes.
NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process.
The Simpson Thacher team included Brian Rosenzweig, Richie Ragusa, Ryan Poché, Christine Robb and Adam Danciu (Capital Markets); Erland Modesto, Andrew Lanius, Brandon Barton, Jule Walsh, John Cupit, Caroline Toohey, Matthew Warren and Arthur Kopilevich (Banking and Credit); Tim Gallagher (Real Estate); Jon Pall (UCC); Mike Isby (Environmental); Pasco Struhs (ECEB); Jon Cantor and Michael Mann (Tax); Marisa Geiger, Bobbie Burrows, Rachelle Broida and Courtney Welshimer (IP); and Andrew Pagliughi (Blue Sky).