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Sunday, April 14, 2019 7:57:33 AM
Here are a few cuts from the 13d and the more recent 13d/a that I am basing my thoughts on.
"Also on April 5, 2019, Highstar Prism, Highstar Main, NGL CIV and NGL Blocker exercised warrants to purchase 412,237, 286,567, 607,654 and 151,913 Common Units, respectively, in accordance with the warrant terms at an exercise price of $0.01 per Common Unit." On the same day of the amended 13d filing they filed form 4 to reflect this new ownership of all 1,458,371 common shares.
As for the Preferred A's.......they originally filed that the preferred units could convert to 20,549,824 common units on 5/13/2019. "On June 13, 2017, NGL Energy Holdings LLC, a Delaware limited liability company and the general partner of the Issuer, executed the Fourth Amended and Restated Agreement of Limited Partnership of the Issuer (the “Partnership Agreement”). Pursuant to the Partnership Agreement, at any time after May 11, 2019, the Purchasers and NGL Blocker have the right to convert any Preferred Units held by them for a number of Common Units equal to the product of the number of Preferred Units converted and the conversion ratio then in effect. If the Common Units are trading at or above $12.035 (the “initial conversion price”), the Preferred Units will be converted on a one-to-one basis. However, if the Common Units are trading below the initial conversion price, then the conversion ratio will be equal to the quotient of the initial conversion price and the greater of (i) the adjusted volume weighted average price of the Common Units for the 15 trading days immediately preceding May 11, 2019 or (ii) $5.00. Any conversion of the Preferred Units may be settled in common units, cash or a combination. The Preferred Units do not become convertible until May 13, 2019 and are currently redeemable by the Issuer for cash."
However, since the original 13d filing NGL bought back 7,468,874 of the preferred units. This leaves 13,931,666 preferred units outstanding that could convert on a one-to-one basis May 13th of this year.
Maybe I'm missing something, but this is what I'm basing my thoughts on. Definitely not trying to be negative.
Recent NGL News
- NGL Energy Partners LP Announces Quarterly Cash Distribution for the Class B, Class C, and Class D Preferred Units • Business Wire • 06/21/2024 10:25:00 AM
- DocuSign Stocks Drop 8.5%, Braze Surges 15% as 1Q Results Beat Expectations, and More in Earning • IH Market News • 06/07/2024 12:09:36 PM
- NGL Energy Partners LP Announces Fourth Quarter and Full Year Fiscal 2024 Financial Results; Guidance for Fiscal 2025 • Business Wire • 06/06/2024 08:33:00 PM
- NGL Energy Partners LP Announces $50 Million LP Common Unit Repurchase Program • Business Wire • 06/06/2024 08:20:00 PM
- US Index Futures Mixed; Oil Prices Rise • IH Market News • 06/06/2024 11:29:43 AM
- NGL Energy Partners Announces Earnings Call • Business Wire • 05/16/2024 08:33:00 PM
- NGL Energy Partners LP Announces the Payment of All Outstanding Distribution Arrearages for Class B, Class C and Class D Preferred Units as of Payment Date April 25, 2024 • Business Wire • 04/09/2024 09:15:00 PM
- NGL Energy Partners LP Announces Sale of the New Mexico Ranches • Business Wire • 04/05/2024 04:46:00 PM
- NGL Energy Partners LP Announces Cash Distribution of 55.4% of Outstanding Arrearages for Class B, Class C and Class D Preferred Units • Business Wire • 04/04/2024 10:26:00 PM
- NGL Energy Partners LP Announces Status of Investor Tax Packages • Business Wire • 03/04/2024 09:45:00 PM
- NGL Energy Partners LP Announces Third Quarter Fiscal 2024 Financial Results • Business Wire • 02/08/2024 09:33:00 PM
- NGL Energy Partners LP Announces Cash Distribution of 50% of Outstanding Arrearages for Class B, Class C and Class D Preferred Units • Business Wire • 02/06/2024 10:33:00 PM
- NGL Closes $2.9 Billion Debt Refinancing Transactions and Amends and Extends Asset-Based Revolving Credit Facility • Business Wire • 02/02/2024 05:55:00 PM
- NGL Energy Partners Announces Earnings Call • Business Wire • 01/30/2024 09:45:00 PM
- NGL Energy Partners LP Announces Pricing of $2.2 Billion Offering of Senior Secured Notes • Business Wire • 01/25/2024 09:58:00 PM
- NGL Energy Partners LP Announces $2.1 Billion Offering of Senior Secured Notes • Business Wire • 01/23/2024 09:35:00 PM
- NGL Energy Partners LP Announces LEX II Large Diameter Pipeline Supported by New MVC and Extension of Acreage Dedication • Business Wire • 01/22/2024 11:30:00 AM
- NGL Energy Partners LP Announces $700 Million Senior Secured Term Loan Facility and Provides Financial Update • Business Wire • 01/17/2024 10:48:00 PM
- NGL Energy Partners LP Announces 2023 Open Season for Grand Mesa Pipeline Starting December 6, 2023 • Business Wire • 12/06/2023 11:30:00 AM
- NGL Energy Partners LP Announces Second Quarter Fiscal 2024 Financial Results • Business Wire • 11/09/2023 09:23:00 PM
- NGL Energy Partners Announces Earnings Call • Business Wire • 10/20/2023 10:30:00 AM
- NGL Energy Partners LP Announces First Quarter Fiscal 2024 Financial Results • Business Wire • 08/09/2023 08:39:00 PM
- NGL Energy Partners LP Announces Availability of its 2022 Schedule K-3s • Business Wire • 08/01/2023 10:30:00 AM
- NGL Energy Partners Announces Earnings Call • Business Wire • 07/19/2023 10:30:00 AM
Last Shot Hydration Drink Announced as Official Sponsor of Red River Athletic Conference • EQLB • Jun 20, 2024 2:38 PM
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans • ATWT • Jun 20, 2024 7:09 AM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM