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We may satisfy our obligation to pay distributions to the preferred unitholders through the issuance, in whole or in part, of additional preferred units (referred to as paid-in-kind or “PIK” distributions), with the remainder in cash, subject to certain rights of a holder to elect all cash and other conditions as described in our partnership agreement.
−Removed: The Partnership made quarterly PIK distributions to preferred unitholders in the first and second quarters of 2021 of an aggregate 15,931 and 15,940 preferred units, respectively.
−Removed: With the exception of 274 preferred units distributed in the first quarter of 2021 to a privately held EPCO affiliate, all of the PIK distributions made during the six months ended June 30, 2021 were to OTA.
+Added: The Partnership made quarterly PIK distributions to preferred unitholders in the first, second and third quarters of 2021 of an aggregate 15,931, 15,940 and 16,229 preferred units, respectively.
+Added: With the exception of 274 preferred units distributed in the first quarter of 2021 to a privately held EPCO affiliate, all of the PIK distributions made during the nine months ended September 30, 2021 were to OTA.
The preferred units held by OTA are accounted for as treasury units in consolidation.
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.
−Removed: The issuances of the preferred units as PIK distributions during the three and six months ended June 30, 2021 were undertaken in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.
−Removed: Other than as described above, there were no sales of unregistered equity securities during the second quarter of 2021.
+Added: The issuances of the preferred units as PIK distributions during the three and nine months ended September 30, 2021 were undertaken in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.
+Added: Other than as described above, there were no sales of unregistered equity securities during the third quarter of 2021.
Issuer Purchases of Equity Securities
−Removed: The following table summarizes our equity repurchase activity during the second quarter of 2021:
+Added: The following table summarizes our equity repurchase activity during the third quarter of 2021:
Dollar Amount
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2019 Buyback Program:
+Added: September 2021
Vesting of phantom unit awards:
−Removed: June 2021 (3)
+Added: August 2021 (2)
+Added: September 2021
In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of EPD’s common units.
Units repurchased under this program are cancelled immediately upon acquisition.
−Removed: Of the 272,980 phantom unit awards that vested in May 2021 and converted to common units, 72,468 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 3,400 phantom unit awards that vested in June 2021 and converted to common units, 846 units were sold back to us by employees to cover related withholding tax requirements.
+Added: Of the 157,220 phantom unit awards that vested in August 2021 and converted to common units, 41,555 units were sold back to us by employees to cover related withholding tax requirements.
These repurchases are not part of any announced program.
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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.