NGL-B (NGL-B)

[catdaddyrt]

The sister of a favorite NGL-B preferred's - I am long here of course

Prospectus excerpt: We are offering 7,400,000 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per Class B Preferred Unit, of NGL Energy Partners LP. Distributions on the Class B Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, when, as and if declared by our general partner; provided that the initial distribution on the Class B Preferred Units will accumulate from the date of original issue until September 30, 2017, and will be payable on October 15, 2017 in an amount equal to $0.675 per Class B Preferred Unit. Distributions on the Class B Preferred Units will be payable out of amounts legally available therefor from and including the date of original issue to, but not including, July 1, 2022 at a rate equal to 9.00% per annum of the $25.00 liquidation preference. On and after July 1, 2022, distributions on the Class B Preferred Units will accumulate for each quarterly distribution period at a percentage of the $25.00 liquidation preference equal to the applicable Three-Month LIBOR plus a spread of 721.3 basis points.