This is interesting, and perhaps disappointing, not sure.
They paid half the arrearage in Feb, with indication that they would do up to $200m in asset sales before March 31st, and pay the second half soon after. This press release says they're paying 55.4% of the outstanding arrearage.
Maybe the asset sales didn't go through? Not sure why they're not paying the full amount....
TULSA, Okla., April 04, 2024--( BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner approved a distribution of 55.4% of the outstanding arrearages for the quarter ending March 31, 2024 to be paid to the holders of the Partnership’s 12.544% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Class B Preferred Units") and the 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Class C Preferred Units") in accordance with the terms outlined in NGL’s partnership agreement. Each of the Class B Preferred Units quarterly distribution of $3.0224 per unit and the Class C Preferred Units quarterly distribution of $2.6790 per unit will be made on April 18, 2024 to holders of record at the close of trading on April 12, 2024.
Additionally, the Board of Directors declared a cash distribution in the amount of $77,140,426, which represents the 55.4% of the outstanding arrearages on the Class D preferred units as of March 31, 2024. The arrearage payment on the Class D Preferred units will be made on April 18, 2024.
The total amount of the distributions will be $120,000,000 which will be financed with cash on the Balance Sheet and a draw on the ABL. |
