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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Deutsche Bank Leads Amendment to NGL Energy Credit Facility
Wednesday, February 15, 2017
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Lenders/Participants
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Deutsche Bank [Lead Arranger, Administrative Agent]
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Structure
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Revolver, Term Loan Amendment
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Amount
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$1.765
Billion
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Borrower(s)
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NGL Energy Partners LP
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Description
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Company has successfully amended and extended its revolving credit facility extending the term of the facility to October 2021. The amended facility has an initial borrowing capacity of $1.765 billion, and contains an accordion feature of up to an additional $300 million. The amended facility consists of a $1.0 billion facility for the Partnership’s working capital requirements and other general corporate purposes and a $765 million facility for acquisitions, internal growth projects and other capital expenditures in addition to general corporate purposes. The amended facility includes a similar pricing and covenant package to the previous facility, with the addition of a senior secured leverage covenant, as more fully described below, as well as additional flexibility for investments and loans. The amended facility is secured by substantially all of the Partnership’s assets subject to certain exclusions. Pursuant to the senior secured leverage covenant in the amended credit facility, commencing with the fiscal quarter ended December 31, 2016, the Partnership may not permit the senior secured leverage ratio to be greater than 3.50 to 1.0 as of the close of business as of the last day of any fiscal quarter. At December 31, 2016, the Partnership’s senior secured leverage ratio was approximately 1.76 to 1.0.
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Industry
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Energy
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| Related Tags |
Deutsche Bank
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ABL Advisor
Deal Tables
2025
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