Pete,
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.
