NGL Energy Partners LP, through its wholly owned subsidiaries NGL Energy Operating LLC and NGL Energy Finance Corp. announced that they intend to offer, subject to market and other conditions, $2.1 billion in aggregate principal amount of senior secured notes due 2029 and senior secured notes due 2032 (together, the ?Notes?). NGL expects to use the net proceeds of the offering, together with the borrowings under a new seven-year $700.0 million senior secured term loan facility expected to be entered into concurrently with the offering, (i) to fund the redemption of, and related discharge of the indentures governing, NGL?s existing 6.125% senior notes due 2025, 7.5% senior notes due 2026, and 7.500% senior secured notes due 2026, including any applicable premiums and accrued and unpaid interest to, but excluding, the applicable redemption date, (ii) to pay fees and expenses in connection with the foregoing transactions and (iii) to the extent of any remaining net proceeds, to repay a portion of the outstanding borrowings under NGL?s senior secured asset-backed lending facility.

The Notes will be offered and sold in a transaction exempt from registration under the Securities Act of 1933 (the ?Securities Act?) only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act, and outside the United States to persons other than U.S. persons, in reliance on Regulation S under the Securities Act.