NGL Energy Partners LP (NGL) through its wholly owned subsidiaries NGL Energy Operating LLC and NGL Energy Finance Corp. announced that they have priced a private offering of $2.05 billion in aggregate principal amount of senior secured notes due 2026 (the “Notes”) that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). NGL expects to use the net proceeds of the offering, together with borrowings under a new $500.0 million asset-based revolving credit facility, to (i) repay all outstanding borrowings under and terminate NGL’s existing revolving credit facility, (ii) repay all outstanding borrowings under and terminate NGL’s $250.0 million term credit agreement and (iii) to pay fees and expenses in connection therewith. NGL expects the offering to close on February 4, 2021, subject to the satisfaction of customary closing conditions. The Notes are being initially sold to investors at a price of 100% of their principal amount. Interest on the notes will accrue at a rate of 7.500% per annum and will be payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021. The maturity date of the notes is February 1, 2026. The Notes have been offered and sold only to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act, and to persons, other than U.S. persons, outside of the United States pursuant to Regulation S under the Securities Act.