UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): November 13, 2012

 

NGL ENERGY PARTNERS LP

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-35172

 

27-3427920

(State or other jurisdiction of
incorporation or organization)

 

(Commission File Number)

 

(I.R.S. Employer
Identification No.)

 

6120 South Yale Avenue
Suite 805
Tulsa, Oklahoma 74136

(Address of principal executive offices) (Zip Code)

 

(918) 481-1119

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)

 

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

 

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

 

 

 



 

Item 8.01.  Other Information

 

On November 13, 2012, NGL Energy Partners LP (the “Partnership”) completed its previously announced issuance of common units to former owners (the “New Unitholders”) of Pecos Gathering & Marketing, L.L.C. and its affiliated companies pursuant to a Call Agreement with the New Unitholders.  In connection with the completion of this transaction, the current registration rights agreement relating to equity interests of the Partnership was amended by Amendment No. 6 and Joinder to First Amended and Restated Registration Rights Agreement, dated November 13, 2012 (the “Amendment”), by and between the Partnership’s general partner and the New Unitholders. The Amendment provides for, among other things, certain piggy-back registration rights for the common units that were issued pursuant to the Call Agreement.

 

The Amendment is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference herein.  The above description of the material terms of the Amendment does not purport to be complete and is qualified in its entirety by reference to Exhibit 4.1 hereto and to the First Amended and Restated Registration Rights Agreement filed as Exhibit 4.1 to the Partnership’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 7, 2011.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

 

Description

4.1

 

Amendment No. 6 and Joinder to First Amended and Restated Registration Rights Agreement, dated November 13, 2012

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

NGL ENERGY PARTNERS LP

 

 

 

 

 

By:

NGL Energy Holdings LLC,

 

 

its general partner

 

 

 

 

 

 

Date: November 19, 2012

 

By:

/s/ H. Michael Krimbill

 

 

 

H. Michael Krimbill
Chief Executive Officer and
Chief Financial Officer

 

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EXHIBIT INDEX

 

Exhibit No.

 

Description

4.1

 

Amendment No. 6 and Joinder to First Amended and Restated Registration Rights Agreement, dated November 13, 2012

 

4


Exhibit 4.1

 

AMENDMENT NO. 6 AND JOINDER

TO

FIRST AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

This Amendment No. 6 and Joinder to First Amended and Restated Registration Rights Agreement (this “ Amendment ”) is dated as of November 13, 2012 by and between NGL Energy Holdings LLC, a Delaware limited liability company (the “ General Partner ”) and the general partner of NGL Energy Partners LP, a Delaware limited partnership (the “ Partnership ”), and Gerald L. Jensen, Thrift Opportunity Holdings, LP, Jenco Petroleum Corporation, Caritas Trust, Animosus Trust and Nitor Trust (together, the “ Jensen Investors ”).  Capitalized terms used but not defined herein have the meanings ascribed to them in the Registration Rights Agreement (as defined below).

 

R E C I T A L S

 

WHEREAS, the Partnership is party to that certain First Amended and Restated Registration Rights Agreement dated as of October 3, 2011, as amended by Amendment No. 1 dated November 1, 2011, Amendment No. 2 dated January 3, 2012, Amendment No. 3 dated May 1, 2012,  Amendment No. 4 dated June 19, 2012, and Amendment No. 5 dated October 1, 2012 (as amended, the “ Registration Rights Agreement ”);

 

WHEREAS, reference is hereby made to that certain Call Agreement, dated November 1, 2012, between Partnership and the Jensen Investors (the “ Jensen - NGL Call Agreement ”), pursuant to which, among other things, the Jensen Investors will purchase Common Units of the Partnership in connection with the consummation of the transactions contemplated thereunder;

 

WHEREAS, this Amendment is to be executed and delivered by the parties in connection with the consummation of the transactions contemplated under the Jensen - NGL Call Agreement;

 

WHEREAS, pursuant to Section 6(c) of the Registration Rights Agreement, the General Partner may make certain amendments to the Registration Rights Agreement in its sole discretion and without any further approval rights or action by or on behalf of the Holders in connection with the issuance by the Partnership of Common Units in connection with an acquisition or similar transaction involving the Partnership; and

 

WHEREAS, the General Partner desires to join each of the Jensen Investors as a party to the Registration Rights Agreement as a Rights Holder and amend the Registration Rights Agreement as set forth below.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby covenant and agree:

 

1. Amendment of Registration Rights Agreement .

 

(a) The fourth sentence of the definition of “Affiliate” set forth in Section 1 of the Registration Rights Agreement is hereby amended and restated in its entirety to read as follows:

 

Notwithstanding anything in the foregoing to the contrary, HOH and its respective Affiliates (other than the General Partner or any Group Member), on the one hand, NGL Holdings and its Affiliates (other than the General Partner or any Group Member), on another hand, the IEP Group and their respective Affiliates (other than the General Partner or any Group Member), on another hand, the Osterman Group and their respective Affiliates (other than the General Partner or any Group Member), on another hand, SemStream and its Affiliates (other than the General Partner or any Group Member), on another hand, the Pacer Propane Group and their respective Affiliates, on another hand, Downeast and its Affiliates (other than the General Partner or any Group Member), on another hand, NGP and its

 

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Affiliates (other than the General Partner or any Group Member), on another hand, Enstone and its Affiliates (other than the General Partner or any Group Member), on another hand, and the Jensen Investors and each of their Affiliates, on another hand, will not be deemed to be Affiliates of one another hereunder unless there is a basis for such Affiliation independent of their respective Affiliation with any Group Member, the General Partner or any Affiliate (disregarding the immediately preceding sentence) of any Group Member or the General Partner.

 

(b) The definition of “Transaction Documents” set forth in Section 1 of the Registration Rights Agreement is hereby amended and restated in its entirety to read as follows:

 

Transaction Documents ” means (i) the Partnership Agreement, (ii) the Second Amended and Restated Limited Liability Company Agreement of the General Partner, dated as of November 1, 2011, as amended from time to time, (iii) with respect to the Initial Holders, the Contribution, Purchase and Sale Agreement, (iv) with respect to the Osterman Group, the Contribution and Sale Agreement, (v) with respect to SemStream, the SemStream—NGL Contribution Agreement, (vi) with respect to the Pacer Propane Group, the Pacer—NGL Contribution Agreements, (vii) with respect to Downeast, the Downeast—NGL Contribution Agreement, (viii) with respect to NGP, the High Sierra—NGL Merger Agreement, (ix) with respect to Enstone, the Enstone—NGL Contribution Agreement, and (x) with respect to the Jensen Investors, the Jensen — NGL Call Agreement.

 

(c) Section 1 of the Registration Rights Agreement is hereby amended to add the following definitions of the “Jensen Investors” and the “Jensen - NGL Call Agreement” thereto:

 

Jensen Investors ” means Gerald L. Jensen, Thrift Opportunity Holdings, LP, Jenco Petroleum Corporation, Caritas Trust, Animosus Trust and Nitor Trust.

 

Jensen - NGL Call Agreement ” means the Call Agreement, dated November 1, 2012, between Partnership and the Jensen Investors.

 

2. Joinder .

 

(a) Each of the Jensen Investors acknowledges receipt of a copy of the Registration Rights Agreement and, after review and examination thereof, by execution of this Amendment does hereby agree to be bound by the terms, conditions and agreements contained therein in its capacity as a Rights Holder thereunder.

 

(b) By execution hereof, the General Partner hereby (i) accepts the agreement of each of the Jensen Investors to be bound by the Registration Rights Agreement, (ii) covenants and agrees that the Registration Rights Agreement is hereby amended to include each of the Jensen Investors as a party in the capacity of a Rights Holder and (iii) agrees that each of the Jensen Investors shall have all rights provided to a Rights Holder under the Registration Rights Agreement.

 

3. Miscellaneous .

 

(a) From and after the date hereof, each reference in the Registration Rights Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a reference to the Registration Rights Agreement as amended hereby.

 

(b) Except as specifically set forth above, the Registration Rights Agreement shall remain unaltered and in full force and effect and the respective terms, conditions or covenants thereof are hereby in all respects ratified and confirmed.

 

(c) This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the principles of conflicts of law.

 

[signature page follows]

 

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment No. 6 and Joinder to First Amended and Restated Registration Rights Agreement on the date first written above.

 

 

NGL ENERGY HOLDINGS LLC

 

 

 

By:

/s/ James Burke

 

Name:

 James Burke

 

Title:

CEO, High Sierra Energy

 

 

 

 

 

 

 

/s/ Gerald L. Jensen

 

 Gerald L. Jensen

 

 

 

 

THRIFT OPPORTUNITY HOLDINGS, LP

 

 

 

 

 

By:  Its general partner, Jensen Opportunity Management LLC

 

 

 

 

 

By:

/s/ Gerald L. Jensen

 

 

Name:

Gerald L. Jensen

 

 

Title:

Manager

 

 

 

 

JENCO PETROLEUM CORPORATION

 

 

 

 

By:

/s/ Gerald L. Jensen

 

Name:

Gerald L. Jensen

 

Title:

President

 

 

 

 

CARITAS TRUST

 

 

 

 

By:

/s/ Jonathan E. Jensen

 

Name:

Jonathan E. Jensen

 

Title:

Co-Trustee

 

 

 

 

By:

/s/ Amy Jensen

 

Name:

Amy Jensen

 

Title:

Co-Trustee

 

 

 

 

ANIMOSUS TRUST

 

 

 

 

By:

/s/ Jonathan E. Jensen

 

Name:

Jonathan E. Jensen

 

Title:

Trustee

 

 

 

 

NITOR TRUST

 

 

 

 

By:

/s/ Jonathan E. Jensen

 

Name:

Jonathan E. Jensen

 

Title:

Trustee

 

Signature Page to Amendment No. 6 and Joinder to Registration Rights Agreement

 

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