3 unchanged sentences
Energy Transfer owns 100% of the membership interests in the General Partner and, as of February 6, 2025, beneficially owns approximately 39% of our outstanding common units.
−Removed: 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”).
+Added: As of February 6, 2025, we had 180,000 Preferred Units outstanding representing limited partner interests in the Partnership, all of which were held by EIG Veteran Equity Aggregator LP and FSSL Finance BB AssetCo LLC (collectively, the “Preferred Unitholders”).
The Preferred Units rank senior to our common units with respect to distributions and liquidation rights.
1 unchanged sentence
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”).
−Removed: 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.
+Added: We have the option to redeem all or any portion of the Preferred Units 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.
17 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.