NGL Energy Partners LP (NYSE: NGL) closed a seven-year $950 million senior secured term loan facility through its subsidiaries NGL Energy Operating LLC and NGL Energy Finance Corp., according to a company statement.

The term loan represents an increase of $250 million from the company's existing term loan of $687.8 million. Net proceeds will be used to repay all borrowings under NGL's current term loan credit agreement, redeem approximately 195,000 Class D Preferred Units, and for general corporate purposes.

"The incremental $250 million in proceeds combined with additional funds from the ABL will enable NGL to repurchase approximately 195,000 Class D Units," stated Mike Krimbill, NGL's CEO. Following the transaction, approximately 316,000 Class D Units will remain outstanding.

In connection with the term loan closing, NGL amended its senior secured asset-based revolving credit facility, reducing aggregate commitments from $475 million to $425 million.

NGL Energy Partners LP is a Delaware limited partnership that operates as a diversified midstream energy company. The company transports, stores, and markets crude oil, natural gas liquids, and other products, while also providing transportation, treatment, and disposal services for produced water from oil and natural gas production operations.

The information is based on a press release statement from the company.