From: "Jeffrey E." <jeevacation@grnail.com>
To: Richard Kahn
Subject: Re: New Issue $25 Par: NGL Energy Partners LP (NGL) Fixed-to-Float Perpetual Preferred Units;
9.00% area
Date: Tue, 06 Jun 2017 16:50:36 +0000
2 ok
On Tue, Jun 6, 2017 at 12:49 PM, Richard Kahn > wrote:
i am told MS has at least 1mm if we want and may be able to get to 2mm
please advise
thank you
Begin forwarded message:
From: Paul Barrett <
Subject: Re: New Issue $25 Par: NGL Energy Partners LP (NGL) Fixed-to-Float Perpetual
Preferred Units; 9.00% area
Date: June 6, 2017 at 11:56:32 AM EDT
To: Richard Kahn
Like it. Go in for 2 mm.
Sent from my iPhone
On Jun 6, 2017, at 11:16 AM, Richard Kahn < > wrote:
Thoughts?
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue, 4th Floor
New York, NY 10022
Phone
Fax
Cell
Begin forwarded message:
From: "Atlas, Andrew S"
Date: June 6, 2017 at 10:23:04 AM EDT
To: "Richard Kahn (
Subject: New Issue $25 Par: NGL Energy Partners LP (NGL) Fixed-to-Float Perpetual Preferred
Units; 9.00% area
EFTA01043882
Good morning Rich.
Morgan Stanley is pricing a NGL Energy new issue $25 par preferred in the 9% area.
Details
$25 Par New Issue Syndicate Offering:
NGL Energy Partners LP (NGL)
Issuer: NGL Energy Partners LP (NGL)
Securities Offered: Class B Fixed-to-Floating Rate Cumulative Redeemable Preferred Units
Size: $50mm (2mm $25-par units)
Expected Ratings: Non-rated
Format: SEC Registered
Maturity: Perpetual
Price Guidance: 9.00% area — Fixed-to-Float
Offer Price: $25.00 per unit
Distributions: When, as and if declared: (i) from and Including the original issue date to, but
excluding, 07/01/2022 at a fixed rate equal to % per annum (ii) from and including 07/01/22, at a
floating rate equal to three-month LIBOR plus a spread of _% per annum.
EFTA01043883
Payment Dates: Quarterly on 15th of January, April, July and October beginning
10/15/2017.
Optional Redemption: Callable at the issuer's option at Par on or after 07/01/2022.
Use of Proceeds: To repay indebtedness under the Credit Agreement (see Red)
DRD / QDI: No
Subject to US Tax Withholding for NRA Clients: See Red for Tax and Withholding Details*
K-1 and UBTI: K-1 will be issued. See Red for K-1 and UBTI information.
Expected Listing: NYSE
Timing: Today's Business
Let me know if you have any questions.
Best,
Andrew
Andrew S. Atlas
First Vice President
Equity Sales/Middle Markets Group
Financial Advisor
Morgan Stanley Wealth Management
1290 Avenue of the Americas, 12th Floor I New York, NY 10104
Tel/Direct: I Fax:
EFTA01043884
NMLS ID # 1326736
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EFTA01043885