Initial Public Offering
Baird served as a co-manager in this offering.
AboutNGL Energy Partners LP (NYSE: NGL) (“NGL” or the “Partnership”) recently completed an initial public offering of 4,025,000 shares of its common unit at $21.00 per unit, generating gross proceeds of approximately $84.5 million. The Partnership intends to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facility and for working capital and general partnership purposes, which may include the acquisition of propane and midstream related businesses.
NGL owns and operates a vertically-integrated propane business with three operating segments: retail propane; wholesale supply and marketing; and midstream. NGL’s retail propane business sells propane to end users consisting of residential, agricultural, commercial and industrial customers. The Partnership’s wholesale supply and marketing business supplies propane and other natural gas liquids and provides related storage to retailers, wholesalers and refiners. NGL’s midstream business takes delivery of propane from pipelines and trucks at NGL’s propane terminals and transfers the propane to third-party transport trucks for delivery to retailers, wholesalers and other customers.
For additional information about this transaction, please contact:
- May 2011
- NGL Energy Partners LP
- Target Location
- North America