NGL Energy Partners amended and extended its revolving credit facility to October 2021. The amended facility has an initial borrowing capacity of $1.765 billion, and contains an accordion feature of up to an additional $300 million.

The amended facility consists of a $1 billion facility for the partnership’s working capital requirements and other general corporate purposes and a $765 million facility for acquisitions, internal growth projects and other capital expenditures in addition to general corporate purposes. The amended facility includes a similar pricing and covenant package to the previous facility, with the addition of a senior secured leverage covenant and additional flexibility for investments and loans.

The amended facility is secured by substantially all of the Partnership’s assets subject to certain exclusions. At December 31, 2016, the Partnership’s senior secured leverage ratio was approximately 1.76 to 1.0.

Deutsche Bank acted as the lead arranger and continues to serve as the administrative agent for the facility. Winston & Strawn acted as legal counsel to the Partnership.

NGL Energy Partners owns and operates a vertically integrated energy business with five primary businesses: crude oil logistics, water solutions, liquids, retail propane and refined products and renewables.