Market Overview

NGL Energy Partners LP Provides Summary of Recent Financing Transactions


NGL Energy Partners LP (NYSE:NGL) (the "Partnership") today announced
the recent completion of the following financing transactions:

  • Issuance and sale of $45.0 million of 9.625% Class C Fixed-to-Floating
    Rate Cumulative Redeemable Perpetual Preferred Units (the "Class C
    Preferred Units") on April 2, 2019;
  • Redemption of 7,468,978 of the Partnership's issued and outstanding
    10.75% Class A Convertible Preferred Units (the "Class A Preferred
    Units") on April 5, 2019, for approximately $102.5 million (including
    accrued and unpaid distributions) using net proceeds from the Class C
    Preferred Units as well as borrowings under its revolving credit
    facility. Immediately following the redemption, the Partnership had
    12,473,191 Class A Preferred Units issued and outstanding,
    representing a face value of approximately $150.1 million; and
  • Issuance and sale of 7.500% Senior Notes due 2026 in the aggregate
    principal amount of $450.0 million on April 9, 2019, the net proceeds
    of which the Partnership will use to repay indebtedness under its
    revolving credit facility, which it may re-borrow from time to time
    for general partnership purposes.

"These financing transactions have addressed our near term debt
maturities and increased our liquidity, with a focus on continuing to
maintain our strong credit metrics and on improving our cost of
capital," stated Trey Karlovich, the Partnership's Chief Financial
Officer. "We have made tremendous progress on improving our leverage,
and we will continue to focus on our balance sheet as we grow the
business with the intention of keeping our compliance leverage below our
stated 3.25x target."

The following table summarizes the principal amounts of the
Partnership's outstanding debt under its revolving credit facility and
its senior notes, as well as the face value of the Partnership's
preferred equity balances, in each case, as of December 31, 2018, March
31, 2019, and March 31, 2019, pro forma for the transactions discussed
above (in millions):

    As Adjusted
December 31, 2018   March 31, 2019   March 31, 2019
Expansion Capital Borrowings $ - $ 275.0 $ -
Working Capital Borrowings 889.0 896.0 788.7
5.125% Senior Notes Due 2019 339.9 - -
7.500% Senior Notes Due 2023 607.3 607.3 607.3
6.125% Senior Notes Due 2025 389.1 389.1 389.1
7.500% Senior Notes Due 2026 - - 450.0
Preferred Equity:
10.75% Class A Convertible Preferred Units $ 240.0 $ 240.0 $ 150.1
9.00% Class B Perpetual Preferred Units 210.0 210.0 210.0
9.625% Class C Perpetual Preferred Units - - 45.0

As of March 31, 2019, and pro forma for the transactions discussed
above, the Partnership would have had approximately $2.2 billion in
total long-term debt, including $788.7 million outstanding on its
revolving credit facility, and would have had approximately $838 million
of remaining borrowing capacity under its revolving credit facility (net
of approximately $138 million of outstanding letters of credit).

Forward-Looking Statements

Certain matters contained in this Press Release include "forward-looking
statements." All statements, other than statements of historical fact,
included in this Press Release may constitute forward-looking
statements. Although the Partnership believes that the expectations
reflected in these forward-looking statements are reasonable, the
Partnership cannot provide any assurance that these expectations will
prove to be correct. These forward-looking statements are subject to
certain known and unknown risks and uncertainties, as well as
assumptions that could cause actual results to differ materially from
those reflected in these forward-looking statements. Factors that might
cause actual results to differ include, but are not limited to, the risk
factors discussed from time to time in each of the Partnership's
documents and reports filed with the United States Securities and
Exchange Commission.

Readers are cautioned not to place undue reliance on any forward-looking
statements contained in this Press Release, which reflect management's
opinions only as of the date hereof. Except as required by law, the
Partnership undertakes no obligation to revise or publicly release the
results of any revision to any forward-looking statements.

About NGL Energy Partners LP

NGL Energy Partners LP is a Delaware limited partnership. The
Partnership owns and operates a vertically integrated energy business
with four primary businesses: water solutions, crude oil logistics, NGL
logistics and refined products/renewables. For further information,
visit the Partnership's website at

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