18 unchanged sentences
The percentage interests set forth below for our general partner include its 0.1% general partner interest, and assume that our general partner has contributed any additional capital necessary to maintain its 0.1% general partner interest and has not transferred its IDRs.
−Removed: Marginal Percentage Interest In
−Removed: Distributions
−Removed: Total Quarterly
−Removed: Distribution Per Unit
−Removed: Limited Partner Unitholders
+Added: Marginal Percentage Interest In Distributions
+Added: Total Quarterly Distribution Per Unit Limited Partner Unitholders General
Minimum quarterly distribution $ 0.337500 99.9 % 0.1 %
−Removed: First target distribution
−Removed: Second target distribution
−Removed: Third target distribution
+Added: First target distribution above $ 0.337500 up to $ 0.388125 99.9 % 0.1 %
+Added: Second target distribution above $ 0.388125 up to $ 0.421875 86.9 % 13.1 %
+Added: Third target distribution above $ 0.421875 up to $ 0.506250 76.9 % 23.1 %
+Added: Thereafter above $ 0.506250 51.9 % 48.1 %
(1) The maximum distribution of 48.1% does not include distributions that our general partner may receive on common units that it owns.
Restrictions on the Payment of Distributions
−Removed: As described in Note 8 to our consolidated financial statements included in this Annual Report, the Credit Agreement and Term Credit Agreement contains covenants limiting our ability to pay distributions if we are in default under these agreements and to pay distributions that are in excess of available cash (as defined in the Credit Agreement).
+Added: As described in Note 8 to our consolidated financial statements included in this Annual Report, the indenture to the 2026 Senior Secured Notes restricts us from paying distributions until our total leverage ratio (as defined in the indenture) for the most recently ended four full fiscal quarters at the time of the distribution is not greater than 4.75 to 1.00.
In addition, quarterly distributions on the Preferred Units must be fully paid for all preceding fiscal quarters before we are permitted to declare or pay any distributions on our common units.
+Added: As the distributions for all of our Preferred Units are cumulative, we are unable to declare an distribution for our common units unless all accumulated and unpaid distributions have been declared and paid on the Preferred Units.
+Added: See Note 10 to our consolidated financial statements included in this Annual Report for a discussion of the cumulative distributions for the Preferred Units.
+Added: Recent Development
+Added: The board of directors of our general partner decided to temporarily suspend all distributions in order to deleverage our balance sheet until we meet the 4.75 to 1.00 total leverage ratio set forth within the indenture of the 2026 Senior Secured Notes, as discussed further above.
+Added: This resulted in the suspension of the quarterly common unit distributions, beginning with the quarter ended December 31, 2020, and all preferred unit distributions, beginning with the quarter ending March 31, 2021.
Common Unit Repurchase Program
−Removed: The following table sets forth certain information with respect to repurchases of common units during the three months ended March 31, 2020 :
−Removed: Total Number of
−Removed: Average Price
−Removed: Total Number of
+Added: The following table summarizes the repurchase of common units during the three months ended March 31, 2021:
+Added: Period Total Number of
+Added: Purchased Average Price
+Added: Common Unit Total Number of
Purchased as Part
of Publicly Announced
−Removed: Approximate Dollar Value
+Added: Program Approximate Dollar Value
of Common Units
4 unchanged sentences
March 1-31, 2021 — $ — — $ 150,000,000
−Removed: The common units were surrendered by employees to pay tax withholdings in connection with the vesting of restricted common units.
−Removed: As a result, we are deeming the surrenders to be “repurchases.” These repurchases were not part of a publicly announced program to repurchase our common units.
+Added: 20,071 — $ 150,000,000
+Added: The common units were not repurchased under the publicly announced program, but rather they were surrendered by employees to pay tax withholding in connection with the vesting of restricted common units.
+Added: As a result, we are including the common units surrendered in the Total Number of Common Units Purchased column.
Securities Authorized for Issuance Under Equity Compensation Plans
1 unchanged sentence
See Part III, Item 12–“Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters–Securities Authorized for Issuance Under Equity Compensation Plan,” which is incorporated by reference into this Item 5.
−Removed: Selected Financial Data
−Removed: The following table summarizes selected consolidated historical financial data for the periods and as of the dates indicated.
−Removed: The following table should be read in conjunction with Part I, Item 7–“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and related notes included in this Annual Report.
−Removed: The selected consolidated historical financial data at March 31, 2020 and 2019 , and for each of the three years in the period ended March 31, 2020 is derived from our audited historical consolidated financial statements included in this Annual Report.
−Removed: The selected consolidated historical financial data at March 31, 2018 , 2017 and 2016 and for each of the two years in the period ended March 31, 2017 is derived from our audited historical consolidated financial statements not included in this Annual Report.
−Removed: Year Ended March 31,
−Removed: (in thousands, except per unit data)
−Removed: Income Statement Data
−Removed: Total revenues
−Removed: Total cost of sales
−Removed: Operating (loss) income
−Removed: Interest expense
−Removed: (Gain) loss on early extinguishment of liabilities, net
−Removed: (Loss) income from continuing operations
−Removed: Net (loss) income from continuing operations allocated to common unitholders
−Removed: Basic (loss) income from continuing operation per common unit
−Removed: Diluted (loss) income from continuing operations per common unit
−Removed: Cash Flows Data
−Removed: Net cash provided by (used in) operating activities
−Removed: Net cash (used in) provided by investing activities
−Removed: Net cash provided by (used in) financing activities
−Removed: Cash distributions paid per common unit
−Removed: Balance Sheet Data - Period End
−Removed: Total assets (1)
−Removed: Total long-term obligations, net of debt issuance costs and current maturities (1)
−Removed: We adopted ASC 842 “Leases” effective April 1, 2019 using the modified retrospective method, with no adjustment to comparative period information.
−Removed: This guidance requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases.
−Removed: See Note 16 to our consolidated financial statements included in this Annual Report for a further discussion of the impact of adoption of ASC 842 to our consolidated financial statements.
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.