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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 a quarterly PIK distribution of 19,423 preferred units to OTA Holdings, Inc., an indirect, wholly owned subsidiary of the Partnership (“OTA”) in the first quarter of 2024.
+Added: The Partnership made quarterly PIK distributions to preferred unitholders in the first and second quarters of 2024 of 19,423 and 19,865 preferred units, respectively.
+Added: With the exception of 90 preferred units distributed in the second quarter of 2024 to an unaffiliated third party, all of the PIK distributions made during the six months ended June 30, 2024 were to OTA Holdings, Inc., an indirect, wholly owned subsidiary of the Partnership (“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 issuance of preferred units as a PIK distribution during the first quarter of 2024 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.
−Removed: Other than as described above, there were no sales of unregistered equity securities during the first quarter of 2024.
+Added: The issuance of preferred units as PIK distributions during the three and six months ended June 30, 2024 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 second quarter of 2024.
Issuer Purchases of Equity Securities
−Removed: The following table summarizes our equity repurchase activity during the first quarter of 2024:
+Added: The following table summarizes our equity repurchase activity during the second quarter of 2024:
Dollar Amount
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2019 Buyback Program:
−Removed: February 2024
Vesting of phantom unit awards:
−Removed: February 2024 (2)
In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of the Partnership’s common units.
Units repurchased under this program are cancelled immediately upon acquisition.
−Removed: Of the 6,871,756 phantom unit awards that vested in February 2024 and converted to common units, 2,192,379 units were sold back to us by employees to cover related withholding tax requirements.
+Added: Of the 229,776 phantom unit awards that vested in May 2024 and converted to common units, 66,909 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.