Simpson Thacher advised (i) the lead arrangers with respect to NGL Energy Partners LP’s (“NGL”) $950 million senior secured term loan facility and (ii) the lead arrangers, led by JPMorgan Chase Bank, N.A., with respect to the amendment of NGL’s $425 million asset-based revolving credit facility (the “ABL”). NGL will use the proceeds of the new term loan facility to (i) to repay all borrowings under NGL’s existing term loan credit agreement, (ii) to redeem, repurchase or otherwise retire a portion of NGL’s Class D Preferred Units and (iii) to the extent of any remaining net proceeds, for general corporate purposes.
NGL, 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 Erland Modesto, Bryce Kaufman, Brian Flynn, Logan Harris, and Walker Montjoy (Banking and Credit); Brian Rosenzweig, Richie Ragusa, Ryan Poche, Lidia Donaldson, and Andrew Waldeck (Capital Markets); Tim Gallagher (Real Estate); Jon Pall (UCC) and Courtney Welshimer (IP).