NGL Energy Partners’ $2.55 Billion Financing

Paul Hastings LLP advised NGL Energy Partners, LP on the deal, while Simpson Thacher advised the initial purchasers, and the lead arrangers and lenders.

NGL Energy Partners, LP announced its entry into a new $500 million ABL credit facility and an offering of $2.05 billion of senior secured notes maturing in 2026.

NGL used the net proceeds of the refinancing to repay all outstanding borrowings under its existing revolving credit facility and its $250 million term credit agreement.

NGL Energy Partners LP serves as a full service midstream provider. The Company’s operations focus on crude oil logistics, water treatment services, NGL logistics and retail propane. NGL Energy Partners operates in the United States.

The Paul Hastings team was led by partners Lindsay Sparks (Picture), Will Burns, and Frank Lopez, of counsel Kris Villareal, and associates Spencer Young, Angela Kim, Stephen Perry, Maciej Zielnik and David Stanek.

Simpson Thacher advised the initial purchasers, led by J.P. Morgan Securities LLC, and the lead arrangers and lenders, led by JPMorgan Chase Bank, N.A., with Brian Rosenzweig, Art Robinson, Patrick Baron, Richard Ragusa, Braxton Pitts and Analilia Gomez (Capital Markets); Jason Hwang, Andrew Lanius, Robert Rabalais and Evan West (Banking and Credit); Jon Pall (UCC); Tim Gallagher (Real Estate); Mike Isby and Tim Mulvihill (Environmental); Jennifer Neilsson (ECEB); Nancy Mehlman and Abigail Hopper (Tax); Melanie Jolson (IP); and Andrew Pagliughi (Blue Sky).

Involved fees earner: Will Burns – Paul Hastings; Angela Kim – Paul Hastings; Frank Lopez – Paul Hastings; Stephen Perry – Paul Hastings; Lindsay Sparks – Paul Hastings; David Stanek – Paul Hastings; Kristopher Villarreal – Paul Hastings; Spencer Young – Paul Hastings; Patrick Baron – Simpson Thacher & Bartlett; Timothy Gallagher – Simpson Thacher & Bartlett; Analilia Gomez – Simpson Thacher & Bartlett; Abigail Hopper – Simpson Thacher & Bartlett; Jason Hwang – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Andrew Lanius – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Jennifer Neilsson – Simpson Thacher & Bartlett; Andrew Pagliughi – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; Braxton Pitts – Simpson Thacher & Bartlett; Robert Rabalais – Simpson Thacher & Bartlett; Richard Ragusa – Simpson Thacher & Bartlett; Arthur Robinson – Simpson Thacher & Bartlett; Brian Rosenzweig – Simpson Thacher & Bartlett; Evan West – Simpson Thacher & Bartlett;

Law Firms: Paul Hastings; Simpson Thacher & Bartlett;

Clients: J.P. Morgan Securities LLC; JP Morgan Chase & Co.; NGL Energy Partners LP;

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Author: Ambrogio Visconti