---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-010033"
form_type: "8-K"
ticker: "NGL"
cik: "0001504461"
company_name: "NGL Energy Partners LP"
filed_at: "2024-02-02T23:59:59+00:00"
generated_at: "2026-06-06T09:53:10.567420+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NGL closes $2.9B debt refinancing with $2.2B notes and $700M term loan

## Summary
- Issued $900M 8.125% senior secured notes due 2029 and $1.3B 8.375% notes due 2032.
- Entered $700M seven-year senior secured term loan facility maturing 2031.
- Net proceeds to redeem existing 6.125% notes due 2025, 7.5% notes due 2026, and 7.500% secured notes due 2026.
- ABL facility amended to extend maturity to February 2029; no change to aggregate commitments.
- Refinancing extends debt maturities and reduces near-term refinancing risk.

## SEC filing metadata
- accession: 0001104659-24-010033
- form_type: 8-K
- ticker: NGL
- cik: 0001504461
- company_name: NGL Energy Partners LP
- filed_at: 2024-02-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1504461/000110465924010033/0001104659-24-010033-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1504461/000110465924010033/tm243624d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-010033
- JSON: https://secwatch.observer/filing/0001104659-24-010033.json
- Plain text: https://secwatch.observer/filing/0001104659-24-010033.txt

## Key facts
- Debt Financings
  NGL Energy Partners LP incurred senior notes of $900 million in aggregate principal amount of 8.125% senior secured notes due 2029 and $1.3 billion in aggregate princip with U.S. Bank Trust Company, National Association at 8.125% per annum for the 2029 Notes and 8.375% per annum for the 2032 Notes maturing February 15, 2029 for the 2029 Notes and February 15, 2032 for the 2032 Notes.
  - Instrument: senior notes
  - Principal: $900 million in aggregate principal amount of 8.125% senior secured notes due 2029 and $1.3 billion in aggregate princip
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 8.125% per annum for the 2029 Notes and 8.375% per annum for the 2032 Notes
  - Maturity: February 15, 2029 for the 2029 Notes and February 15, 2032 for the 2032 Notes
  - Event: incurrence
  source text: On February 2, 2024, NGL Energy Operating LLC (“Operating LLC”) and NGL Energy Finance Corp. (“Finance Corp.” and, together with Operating LLC, the “Issuers”), each a wholly-owned subsidiary of NGL Energy Partners LP (the “Partnership”), closed the previously announced Rule 144A/Regulation S offering (the “Notes Offering”) of $900 million in aggregate principal amount of 8.125% senior secured notes due 2029 (the “2029 Notes”) and $1.3 billion in aggregate principal amount of 8.375% senior secured notes due 2032 (the “2032 Notes” and, together with the 2029 Notes, the “Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1504461/000110465924010033/0001104659-24-010033-index.htm
- Material Agreements
  NGL Energy Partners LP entered into Indenture with U.S. Bank Trust Company, National Association, as trustee and notes collateral agent valued at $900 million in aggregate principal amount of 8.125% senior secured notes due 2029 and $1.3 billion (effective 2024-02-02).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: U.S. Bank Trust Company, National Association, as trustee and notes collateral agent
  - Value: $900 million in aggregate principal amount of 8.125% senior secured notes due 2029 and $1.3 billion
  - Effective: 2024-02-02
  source text: the “Indenture”), among the Issuers, the guarantors party thereto (the “Guarantors”) and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1504461/000110465924010033/0001104659-24-010033-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.