June 9, 2017
NGL Energy (NYSE:NGL) is selling a fixed to floating rate preferred with an initial coupon of 9%. Proceeds from this offering will be used to pay down the balance on their credit lines.
NGL is an energy midstream company in the energy storage and pipeline business.
Maturity is July 2022. Coupon is fixed at 9% until July 2022 and then floats at 7.21% plus three month Libor
The symbol is NGGLP. Buy under $25.00: this is a new issue and you want to get in now.