NGPL PipeCo LLC Initiates Consent Solicitation for Senior Notes Modification
NGPL PipeCo LLC Kicks Off Consent Solicitations for Senior Notes
NGPL PipeCo LLC, a limited liability company based in Delaware, has officially commenced consent solicitations aimed at holders of its 4.875% Senior Notes maturing in 2027 and its 3.250% Senior Notes set to mature in 2031. This action is in connection to critical amendments to the Indentures under which those notes were issued. These amendments arise amid strategic changes linked to an upcoming transaction involving its parent entity, NGPL Holdings LLC.
Context of the Consent Solicitation
The consent solicitations are part of a broader transaction wherein Brookfield Infrastructure US Holdings I has agreed to sell entities that currently hold a substantial 25% interest in NGPL Holdings to funds controlled by ArcLight Capital Partners. Once the transaction is closed, both ArcLight and Kinder Morgan, Inc. will gain equal representation on the board of directors of NGPL Holdings, with ArcLight holding a 62.5% economic stake.
This restructuring is projected to conclude by the second quarter of 2025, pending customary closing conditions. However, key terms in the Indenture regarding
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