3 unchanged sentences
Energy Transfer owns 100% of the membership interests in the General Partner and, as of February 8, 2024, beneficially owns approximately 45% of our outstanding common units.
−Removed: 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: As of February 8, 2024, we had outstanding 460,000 Preferred Units representing limited partner interests in the Partnership, all of which were held by EIG Veteran Equity Aggregator LP and FS Specialty Lending Fund (collectively, the “Preferred Unitholders”).
The Preferred Units rank senior to our common units with respect to distributions and liquidation rights.
The holders of the Preferred Units are entitled to receive cumulative quarterly cash distributions equal to $24.375 per Preferred Unit.
−Removed: 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% on or after April 2, 2023.
−Removed: 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.
+Added: 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”).
+Added: As of 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.
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.
Our common units, which represent limited partner interests in us, are listed on the NYSE under the symbol “USAC.”
+Added: There is no established public trading market for the Preferred Units, all of which are owned by the Preferred Unitholders.
+Added: Please read Part II, Item 8 “Financial Statements and Supplementary Data – Note 11 – Preferred Units and – Note 12 – Partners’ Deficit”.
At the close of business on February 8, 2024, based on information received from the transfer agent of the common units, we had 68 holders of record of our common units.
The number of record holders does not include holders of common units held in “street name” or persons, partnerships, associations, corporations, or other entities identified in security position listings maintained by depositories.
−Removed: 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 (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.