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NGL Energy Partners LP – ‘8-K’ for 3/18/21

On:  Friday, 3/19/21, at 4:08pm ET   ·   For:  3/18/21   ·   Accession #:  1504461-21-20   ·   File #:  1-35172

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  As Of               Filer                 Filing    For·On·As Docs:Size

 3/19/21  NGL Energy Partners LP            8-K:7,9     3/18/21   12:238K

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

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 8: R1          Document and Entity Information Document            HTML     56K 
10: XML         IDEA XML File -- Filing Summary                      XML     12K 
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 4: EX-101.DEF  XBRL Definitions -- ngl-20210318_def                 XML     47K 
 5: EX-101.LAB  XBRL Labels -- ngl-20210318_lab                      XML     98K 
 6: EX-101.PRE  XBRL Presentations -- ngl-20210318_pre               XML     47K 
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11: JSON        XBRL Instance as JSON Data -- MetaLinks               16±    23K 
12: ZIP         XBRL Zipped Folder -- 0001504461-21-000020-xbrl      Zip     17K 


‘8-K’   —   Current Report


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 iX:   C:  C: 
  ngl-20210318  
 i 0001504461 i false00015044612021-03-182021-03-180001504461ngl:LimitedPartnersCapitalAccountCommonUnitsMemberexch:XNYS2021-03-182021-03-180001504461us-gaap:PreferredClassBMemberexch:XNYS2021-03-182021-03-180001504461ngl:PreferredClassCMemberexch:XNYS2021-03-182021-03-18


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM  i 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  i March 18, 2021

 i NGL ENERGY PARTNERS LP
(Exact name of registrant as specified in its charter)
 i Delaware i 001-35172 i 27-3427920
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. Employer
Identification No.)

 i 6120 South Yale Avenue
 i Suite 805
 i Tulsa,  i Oklahoma  i 74136
(Address of principal executive offices) (Zip Code)

( i 918)  i 481-1119
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 i     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 i     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)

 i     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

 i     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
 i Common units representing Limited Partner Interests i NGL i New York Stock Exchange
 i Fixed-to-floating rate cumulative redeemable perpetual preferred units i NGL-PB i New York Stock Exchange
 i Fixed-to-floating rate cumulative redeemable perpetual preferred units i NGL-PC i New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
 i 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o



Item 7.01.     Regulation FD Disclosure.

The Board of Directors of NGL Energy Partners LP’s (“NGL”) general partner has determined to suspend distributions on its 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) and 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) and to maintain the previously announced suspension of distributions on its Common Units in accordance with the restricted payment covenants of the indenture for NGL’s senior secured notes due in 2026.

The quarterly distributions on NGL’s Class B Preferred Units and Class C Preferred Units have been suspended beginning with the quarter ending March 31, 2021 and distributions on NGL’s Common Units have been suspended beginning with the quarter ended December 31, 2020. As required under the terms of the Class B Preferred Units and Class C Preferred Units, unpaid distributions will continue to accrue at the rates prescribed to them.

The Board of Directors will maintain the suspension on distributions to the Common Units and the Class B Preferred Units and Class C Preferred Units until the Board of Directors deems it prudent to resume distributions and such distributions are consistent with the terms of the Partnership’s various debt agreements.

Item 9.01.      Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No. Description
   
101Cover Page formatted as Inline XBRL.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NGL ENERGY PARTNERS LP
By:NGL Energy Holdings LLC,
its general partner
Date: March 19, 2021By:/s/ Robert W. Karlovich III
Robert W. Karlovich III
Chief Financial Officer



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
3/31/2110-K
Filed on:3/19/21
For Period end:3/18/21
12/31/2010-Q
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Filing Submission 0001504461-21-000020   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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