NGL Energy Partners to Sell $240.0M of Common Units at $29,59/Unit

NGL Energy Partners LP

today announced that it has entered into an agreement with a group of institutional investors to sell approximately $240.0 million of its common units in a private placement at a price of $29.59 per unit. NGL expects to use the net proceeds from the offering to fund a portion of the purchase price of its acquisition of Gavilon LLC, a midstream energy business with pipeline, terminal and storage assets located in Oklahoma, Texas and Louisiana. The private placement is expected to close in December 2013, contemporaneously with the closing of the acquisition. UBS Investment Bank acted as Sole Placement Agent on the offering. The securities offered in the private placement have not been registered