NGL Energy Partners LP (NGL)

[hotel7473]

Issuing those class C preferred’s was a big step for NGL to take. Highstar and Oaktree were prepared to convert their preferred A’s into 20,500,000 common units on May 13th of this year. (13/d filing) Just imagine the impact selling all those unrestricted units would have had on the price. The newly minted class C’s are going to mitigate the conversion and pay them off in cash.

Smart, very smart!!