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Gold/Mining/Energy : NGL to da moon (well, maybe to $10?)!!
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From: Elroy1/18/2024 7:59:02 AM
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Moody's upgrades NGL Energy's CFR to B2, rates new term loan B2

New York, January 17, 2024 -- Moody's Investors Service ("Moody's") upgraded NGL Energy Partners LP's (NGLEP or NGL Energy) corporate family rating (CFR) to B2 from B3, probability of default rating (PDR) to B2-PD from B3-PD, and senior unsecured notes rating to Caa1 from Caa2 and changed the outlook to stable from positive. Moody's also assigned a B2 rating to NGL Energy Operating LLC's proposed $700 million backed senior secured first-lien term loan B and affirmed the B2 rating on the existing $2.05 billion senior secured first lien notes due 2026 and changed the outlook to stable from positive. NGLEP's SGL-3 speculative grade liquidity rating was unchanged.

Management plans to apply all near term free cash flow to reduce debt and repurchase preferred shares with a goal to permanently delever the business.
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