NGPL PipeCo LLC announced on April 8, 2025, that it successfully received the requisite consents from holders of its 4.875% Senior Notes due 2027 and 3.250% Senior Notes due 2031. This achievement is a key step in facilitating a change in ownership for its indirect parent company, NGPL Holdings LLC.
The consents enable amendments to the indentures, which will prevent the sale of Brookfield Infrastructure's 25.0% interest in NGPL Holdings to ArcLight Capital Partners from constituting a 'Change of Control.' This avoids potential debt-related complications for the joint venture.
Upon the closing of the transaction and payment of the consent fee, the proposed amendments will become operative. Kinder Morgan, Inc. continues to operate NGPL's pipeline assets and holds a 37.5% economic interest in NGPL Holdings.
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