NGL Energy Partners LP (NYSE: NGL) has priced its underwritten public offering of 6,250,000 common units representing limited partner interests at $27.57 per common unit. NGL also granted the underwriter a 30-day option to purchase up to 937,500 additional common units.
The offering is expected to close on March 11. NGL intends to use the net proceeds from this offering, including any net proceeds from the underwriter’s exercise of its option to purchase additional common units, to repay borrowings under its revolving credit facility, and for general partnership purposes, including capital expenditures and potential acquisitions.
Barclays is acting as the sole underwriter for the offering.