As filed with the Securities and Exchange Commission on September 5, 2018.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
NGL ENERGY PARTNERS LP
(Exact name of registrant as specified in its charter)
Delaware |
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27-3427920 |
(State or Other Jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
6120 South Yale Avenue, Suite 805
Tulsa, Oklahoma 74136
(Address of Principal Executive Offices)
NGL Energy Partners LP 2011 Long-Term Incentive Plan
(Full Title of the Plan)
H. Michael Krimbill
Chief Executive Officer
NGL Energy Partners LP
6120 South Yale Avenue, Suite 805
Tulsa, Oklahoma 74136
(Name and Address of Agent for Service)
(918) 481-1119
(Telephone Number, Including Area Code, of Agent for Service)
Copy to:
Bruce A. Toth
Winston & Strawn LLP
35 W. Wacker Dr.
Chicago, IL 60601
(312) 558-5600
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act:
Large accelerated filer |
x |
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Accelerated filer |
o |
Non-accelerated filer |
o |
(Do not check if smaller reporting company) |
Smaller reporting company |
o |
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Emerging growth company |
o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. o
CALCULATION OF REGISTRATION FEE
Title of Securities to be
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Amount to be
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Proposed Maximum
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Proposed Maximum
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Amount of
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Common units representing limited partnership interests |
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6,894,249 |
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$ |
11.90 |
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$ |
82,041,564 |
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$ |
10,215 |
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(1) This Registration Statement is being filed with the Securities and Exchange Commission (the SEC) to register 6,894,249 common units, representing limited partnership interests, that may be issued under the NGL Energy Partners LP 2011 Long-Term Incentive Plan (the Plan). In accordance with Rule 416(a) under the Securities Act of 1933, as amended (the Securities Act), this Registration Statement shall be deemed to cover any additional common units that become available under the Plan pursuant to anti-dilution provisions of the Fourth Amended and Restated Agreement of Limited Partnership of NGL Energy Partners LP.
(2) Estimated solely for purposes of computing the amount of the registration fee pursuant to Rule 457 under the Securities Act of 1933, as amended, and based on the average of the high and low prices of the registrants common units on the New York Stock Exchange on August 30, 2018, which date is within five business days prior to filing this Registration Statement.
EXPLANATORY NOTE
Pursuant to General Instruction E of Form S-8, this Registration Statement on Form S-8 is being filed in order to register an additional 6,894,249 common units, representing limited partner interests of NGL Energy Partners LP, a Delaware limited partnership (the Registrant), that may be awarded under the NGL Energy Partners LP 2011 Long-Term Incentive Plan, as amended (the Plan), which are securities of the same class and relate to the same employee benefit plan as those common units registered on the Registrants registration statement on Form S-8 previously filed with the Securities and Exchange Commission (the SEC) on November 20, 2012 (Registration No. 333-185068), which is hereby incorporated by reference.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference .
The following documents filed by the Registrant with the SEC are hereby incorporated by reference in this Registration Statement:
(1) The Registrants Annual Report on Form 10-K for its fiscal year ended March 31, 2018, filed with the SEC on May 30, 2018 (Registration No. 001-35172);
(2) The Registrants Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018, filed with the SEC on August 7, 2018 (Registration No. 001-35172);
(3) The Registrants Current Reports on Form 8-K filed with the SEC on April 3, 2018, June 4, 2018, July 10, 2018, July 12, 2018, and July 25, 2018 (Registration No. 001-35172); and
(4) The description of the Registrants common units contained in its Registration Statement on Form 8-A filed with the SEC on May 9, 2011 pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the Exchange Act), including any subsequent amendment or report filed for the purpose of updating such description.
All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14, or 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents. Notwithstanding the foregoing, unless specifically stated to the contrary, none of the information disclosed by the Registrant under Items 2.02 or 7.01 of any Current Report on Form 8-K that the Registrant may from time to time furnish to the SEC will be incorporated by reference into, or otherwise included in, this Registration Statement. Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 8. Exhibits .
Exhibit Number |
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Description |
4.1 |
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4.2 |
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4.3 |
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4.4 |
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4.5 |
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4.6 |
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4.7 |
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4.8 |
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4.9 |
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4.10 |
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4.11 |
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10.1 |
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5.1* |
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Opinion of Winston & Strawn LLP as to the legality of the securities registered hereby. |
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23.1* |
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23.2* |
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Consent of Winston & Strawn LLP (contained in the opinion filed as Exhibit 5.1). |
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24.1* |
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*Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tulsa, State of Oklahoma, on September 5, 2018.
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NGL ENERGY PARTNERS LP |
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By: |
NGL Energy Holdings LLC, |
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its general partner |
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By: |
/s/ H. Michael Krimbill |
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H. Michael Krimbill |
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Chief Executive Officer |
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints H. Michael Krimbill, with full power to act and with full power of substitution and resubstitution, our true and lawful attorney-in-fact and agent with full power to execute in our name and behalf in the capacities indicated below any and all amendments (including post-effective amendments and amendments thereto) to this registration statement and to file the same, with all exhibits and other documents relating thereto and any registration statement relating to any offering made pursuant to this Registration Statement that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act with the Securities and Exchange Commission and hereby ratify and confirm all that such attorney-in-fact or his substitute shall lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature |
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Title |
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Date |
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/s/ H. Michael Krimbill |
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Chief Executive Officer and Director |
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September 5, 2018 |
H. Michael Krimbill |
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( Principal Executive Officer ) |
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/s/ Robert W. Karlovich |
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Chief Financial Officer |
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September 5, 2018 |
Robert W. Karlovich III |
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( Principal Financial Officer ) |
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/s/ Lawrence J. Thuillier |
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Chief Accounting Officer |
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September 5, 2018 |
Lawrence J. Thuillier |
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( Principal Accounting Officer ) |
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/s/ Shawn W. Coady |
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Director |
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September 5, 2018 |
Shawn W. Coady |
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/s/ James M. Collingsworth |
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Director |
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September 5, 2018 |
James M. Collingsworth |
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/s/ Stephen L. Cropper |
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Director |
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September 5, 2018 |
Stephen L. Cropper |
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/s/ Bryan K. Guderian |
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Director |
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September 5, 2018 |
Bryan K. Guderian |
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/s/ James C. Kneale |
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Director |
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September 5, 2018 |
James C. Kneale |
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September 5, 2018
NGL Energy Partners LP
6120 South Yale Avenue, Suite 805
Tulsa, Oklahoma 74136
Ladies and Gentlemen:
We have acted as special counsel for NGL Energy Partners LP, a Delaware limited partnership (the Partnership), in connection with the registration on Form S-8 of the offer and sale of up to 6,894,249 of the Partnerships common units (the Units), issuable pursuant to the grant of certain restricted units and other awards or upon exercise of certain options, unit appreciation rights or other awards (collectively, the Plan Awards) that may be issued pursuant to the NGL Energy Partners LP 2011 Long-Term Incentive Plan (the Plan).
This opinion letter is delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Securities Act of 1933, as amended (the Act).
In rendering the opinions set forth below, we have examined and are familiar with originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Certificate of Limited Partnership of the Partnership, as in effect on the date hereof; (ii) the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership, as in effect on the date hereof (together with the Certificate of Limited Partnership, the Organizational Documents); (iii) the Registration Statement, to be filed with the Securities and Exchange Commission (the Commission) under the Act; (iv) the Plan; and (v) resolutions of the Board of Directors of NGL Energy Holdings LLC, a Delaware limited liability company and the general partner of the Partnership (the General Partner), relating to, among other matters, the issuance of the Units and the filing of the Registration Statement. We have also examined such other documents as we have deemed necessary or appropriate as a basis for the opinion set forth below.
We have also examined originals, or copies certified to our satisfaction, of such records of the Partnership and the General Partner and other instruments, certificates of public officials and representatives of the Partnership and the General Partner and other documents as we have deemed necessary as a basis for the opinions hereinafter expressed. In such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as copies. We have also assumed that the General Partners Board of Directors, or a duly authorized committee thereof, will have approved the issuance of each Plan Award prior to the issuance thereof. As to certain facts material to this opinion letter, we have relied without independent verification upon oral and written statements and representations of officers and other representatives of the Partnership.
Based upon and subject to the foregoing, we are of the opinion that the Units have been duly authorized by the requisite action on the part of the General Partner and the Partnership and, when issued, paid for and delivered pursuant to the terms and in the manner set forth in the Plan, and assuming that the Units remain duly reserved for issuance within the limits of the Units then remaining authorized but unissued, will be validly issued, fully paid and nonassessable.
The opinion expressed herein is based upon and limited to the laws of the Delaware Revised Uniform Limited Partnership Act (including the statutory provisions, all applicable provisions of the Delaware Constitution and reported judicial decisions interpreting the foregoing). We express no opinion herein as to any other laws, statutes, regulations or ordinances. This opinion is given as of the date hereof and we assume no obligation to update or supplement such opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes that may hereafter occur. This opinion letter is being furnished solely for the Partnerships benefit in connection with the offer, sale and issuance of the Units and is not to be used, quoted or otherwise referred to for any other purpose without our prior written consent.
We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving such consent, we do not thereby concede that we are experts within the meaning of the Act or that our firm is within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.
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Very Truly Yours, |
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/s/ Winston & Strawn LLP |
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our reports dated May 30, 2018, with respect to the consolidated financial statements and internal control over financial reporting of NGL Energy Partners LP included in the Annual Report on Form 10-K for the year ended March 31, 2018, which are incorporated by reference in this Registration Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration Statement.
/s/ Grant Thornton LLP |
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Tulsa, Oklahoma |
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September 5, 2018 |
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