NGL Energy Partners 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
By: Tim McPartland,
Date Sold 3/26/2019
Shares Issued 1,600,000 Overallotment Shares 240,000
S&P Rating NR Moodys Rating NR
Security Ticker Symbol NGL-C OTC Grey Market NGLPP
Market Traded ON NYSE
Dividend Payment Paid on the 15th of January, April, July and October beginning on 7/15/2019
Quarterly Dividend .563 Annual Dividend 2.25
Securities may be redeemed, at the issuers option, as early as 4/15/2024 for a redemption price of $25/share plus accrued dividends.
Coupon is fixed at 9.625% until 4/15/2024 after which it floats at 7.384% plus 3 month Libor.
Dividend Payment Will NOT be a Qualified Distributions as NGL is a MLP
Company will issue a K-1 at tax time to holders of this security.
Maturity Date None