3 unchanged sentences
Energy Transfer owns 100% of the membership interests in the General Partner and, as of February 9, 2023, beneficially owns approximately 47% of our outstanding common units.
−Removed: As of February 10, 2022, we had outstanding 500,000 Preferred Units representing limited partner interests in the Partnership, all of which were held by Preferred Unitholders.
−Removed: The Preferred Units rank senior to the common units with respect to distributions and rights upon liquidation.
−Removed: The Preferred Unitholders are entitled to receive cumulative quarterly cash distributions equal to $24.375 per Preferred Unit.
+Added: As of February 9, 2023, we had outstanding 500,000 Preferred Units representing limited partner interests in the Partnership, all of which were held by EIG Veteran Equity Aggregator LP and FS Energy and Power Fund (collectively, the “Preferred Unitholders”).
+Added: The Preferred Units rank senior to our common units with respect to distributions and liquidation rights.
+Added: The holders of the Preferred Units are entitled to receive cumulative quarterly cash distributions equal to $24.375 per Preferred Unit.
The Preferred Units are convertible, at the option of the holder, into common units in accordance with the terms of our Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) as follows:
−Removed: one third on or after April 2, 2021, two thirds on or after April 2, 2022, and 100% are convertible on or after April 2, 2023.
+Added: one third on or after April 2, 2021, two thirds on or after April 2, 2022, and 100% on or after April 2, 2023.
On or after April 2, 2023, we have the option to redeem all or any portion of the Preferred Units then outstanding, subject to certain minimum redemption threshold amounts, for a redemption price set forth in the Partnership Agreement.
−Removed: On or after April 2, 2028, each Preferred Unitholder will have the right to require us to redeem all or a portion of their Preferred Units, subject to certain minimum redemption threshold amounts, for a redemption price set forth in the Partnership Agreement, which we may elect to pay up to 50% in common units, subject to certain additional limits.
−Removed: Our common units, which represent limited partner interests in us, are listed on the New York Stock Exchange (“NYSE”) under the symbol “USAC.”
+Added: On or after April 2, 2028, each holder of the Preferred Units will have the right to require us to redeem all or a portion of their Preferred Units, subject to certain minimum redemption threshold amounts, for a redemption price set forth in the Partnership Agreement, which we may elect to pay up to 50% in common units, subject to certain additional limits.
+Added: Our common units, which represent limited partner interests in us, are listed on the NYSE under the symbol “USAC.”
At the close of business on February 9, 2023, based on information received from the transfer agent of the common units, we had 62 holders of record of our common units.
1 unchanged sentence
There is no established public trading market for the Preferred Units, all of which are owned by the Preferred Unitholders.
−Removed: Please read Part II, Item 8 “Financial Statements and Supplementary Data – Note 10 – Preferred Units and – Note 11 – Partners’ Capital”.
+Added: Please read Part II, Item 8 “Financial Statements and Supplementary Data – Note 10 – Preferred Units and – Note 11 – Partners’ Capital (Deficit)”.
Selected Information from the Partnership Agreement
11 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.