UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
+Added: Recent Issuances of Unregistered Securities
+Added: On September 30, 2020, the Partnership issued and sold an aggregate of 50,000 Series A Cumulative Convertible Preferred Units in a private placement transaction.
+Added: The stated value of each preferred unit is $1,000 per unit.
+Added: The total offering price for the preferred units was $50.0 million, of which $32.5 million was received in cash with the remaining $17.5 million funded through the exchange of 1,120,588 of the Partnership’s common units owned by the purchasers.
+Added: Cash proceeds from the preferred unit offering include $15.0 million received from a privately held affiliate of EPCO for the purchase of 15,000 preferred units.
+Added: Concurrently, the Partnership exchanged all of the 54,807,352 Partnership common units owned directly by OTA for 855,915 of the Partnership’s new preferred units having an equivalent value.
+Added: For additional information regarding the preferred units, see Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
+Added: The issuance and sale of the preferred units, as described above, were undertaken in reliance upon exemptions from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and Section 3(a)(9) thereof.
+Added: Other than as described above, there were no sales of unregistered equity securities during the three months ended September 30, 2020.
Issuer Purchases of Equity Securities
−Removed: The following table summarizes our equity repurchase activity during the second quarter of 2020:
−Removed: Dollar Amount
+Added: The following table summarizes the Partnership’s equity repurchase activity during the third quarter of 2020:
+Added: Number of Common Units
Under the 2019 Buyback
1 unchanged sentence
2019 Buyback Program:
+Added: September 2020
Vesting of phantom unit awards:
−Removed: June 2020 (3)
−Removed: In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of EPD’s common units.
−Removed: Units repurchased under this program during 2020 were cancelled immediately upon acquisition.
−Removed: Of the 117,023 phantom unit awards that vested in May 2020 and converted to common units, 30,233 units were sold back to us by employees to cover related withholding tax requirements.
−Removed: These repurchases are not part of any announced program.
−Removed: We cancelled these units immediately upon acquisition.
−Removed: Of the 11,955 phantom unit awards that vested in June 2020 and converted to common units, 2,555 units were sold back to us by employees to cover related withholding tax requirements.
+Added: August 2020 (2)
+Added: In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of the Partnership’s common units.
+Added: Common units repurchased under this program during 2020 were cancelled immediately upon acquisition.
+Added: Of the 112,794 phantom unit awards that vested in August 2020 and converted to common units, 23,903 units were sold back to the Partnership by employees to cover related withholding tax requirements.
These repurchases are not part of any announced program.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.