Shares of oil and gas midstream company NGL Energy Partners (NYSE: NGL) were down as much as 10% in early morning trading, and were still down 6.7% as of 2:30 p.m. EDT today. The decline comes after the company announced a major refinancing deal that will also require it to suspend its distribution to its investors.
NGL Energy Partners isn't a very large company. It has a market capitalization of about $3.7 billion, and a large portion of that was debt as part of its revolving credit facility -- a line of credit.
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Shares of NGL Energy Partners Crash on Refinancing Deal and Distribution Suspension