NGL Energy refinances with $950M term loan, cuts ABL facility to reduce interest costs

Filed March 12, 2026 · Period ending March 12, 2026 · ~1 min read

Key Changes

• high

  Closed new $950M term loan maturing March 2033 with Barclays, using proceeds to pay off existing debt and redeem Class D Preferred Units. Quarterly principal payments of 1% begin June 2026.

  Item 1.01: New Term Loan verify on EDGAR →
• high

  Must maintain debt service coverage ratio of at least 1.10:1.00 starting Q2 2026. Failure to meet this covenant could trigger default and accelerate debt repayment.

  Item 1.01: Covenant verify on EDGAR →
• medium

  Amended ABL facility, reducing commitments from $475M to $425M and letter of credit capacity from $200M to $100M, but lowered interest margins to 2.00-2.50% for SOFR loans.

  Item 1.01: ABL Amendment verify on EDGAR →