3 unchanged sentences
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 of 16,823, 17,128 and 17,438 preferred units to OTA Holdings, Inc., an indirect, wholly owned subsidiary of the Partnership (“OTA”) in the first, second and third quarters of 2022, respectively.
+Added: The Partnership made a quarterly PIK distribution of 18,076 preferred units to OTA Holdings, Inc., an indirect, wholly owned subsidiary of the Partnership (“OTA”) in the first quarter of 2023.
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 preferred units as PIK distributions during the three and nine months ended September 30, 2022 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 third quarter of 2022.
+Added: The issuance of preferred units as a PIK distribution during the first quarter of 2023 was 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 first quarter of 2023.
Issuer Purchases of Equity Securities
−Removed: The following table summarizes our equity repurchase activity during the third quarter of 2022:
+Added: The following table summarizes our equity repurchase activity during the first quarter of 2023:
Dollar Amount
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2019 Buyback Program:
−Removed: September 2022
+Added: February 2023
Vesting of phantom unit awards:
−Removed: August 2022 (2)
−Removed: September 2022
+Added: February 2023 (2)
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 249,032 phantom unit awards that vested in August 2022 and converted to common units, 66,810 units were sold back to us by employees to cover related withholding tax requirements.
+Added: Of the 6,380,843 phantom unit awards that vested in February 2023 and converted to common units, 2,016,542 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.