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.

3 comments on “BUY NGGLP

  1. I’ve checked the Finra site but can’t find this preferred stock; http://finra-markets.morningstar.com/BondCenter/Results.jsp
    Where can I see a quote pls ?

    • The permanent symbol is NGL-B. At Fidelity it would bee NGLPRB….each broker uses a different symbol. Closed at $24.31. This is one of our weakest positions, I would not buy right now but since we own it, we are holding.

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