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Common Unit Repurchase Plans and Retirement
 12 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Common Unit Repurchase Plans and Retirement

4) Common Unit Repurchase Plans and Retirement

In July 2012, the Board adopted a plan to repurchase certain of the Company’s Common Units (the “Repurchase Plan”). Prior to February 2018, the Company had repurchased approximately 2.7 million Common Units under the Repurchase Plan. In February 2018, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 2.2 million to a total of 5.5 million. In August 2018, the Board authorized a further increase of the number of Common Units that are available for the Company to repurchase from 3.0 million to a total of 5.55 million, of which, 3.05 million were available for repurchase in open market transactions and 2.5 million were available for repurchase in privately-negotiated transactions. The Company repurchased approximately 2.8 million Common Units in in fiscal year 2018, and 5.4 million total Common Units remain available for repurchase at the end of the fiscal year 2018.  There is no guarantee of the exact number of units that will be purchased under the program and the Company may discontinue purchases at any time. The program does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Company’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased in the repurchase program will be retired.

Under the Company’s fourth amended and restated credit agreement dated July 2, 2018, in order to repurchase Common Units we must maintain Availability (as defined in the amended and restated credit agreement) of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is outstanding) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 measured as of the date of repurchase. The following table shows repurchases under the Repurchase Plan.

 

(in thousands, except per unit amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period

 

Total Number

of Units

Purchased

 

 

Average Price

Paid per Unit

(a)

 

 

Total Number

of Units

Purchased as

Part of

Publicly

Announced

Plans or

Programs

 

 

Maximum Number

of Units that May

Yet Be Purchased

 

 

Fiscal year 2012 to 2017 total

 

 

5,137

 

 

$

5.78

 

 

 

2,693

 

 

 

2,207

 

 

First quarter fiscal year 2018 total

 

 

—

 

 

$

—

 

 

 

—

 

 

 

2,207

 

 

Second quarter fiscal year 2018 total

 

 

1,281

 

 

$

9.38

 

 

 

1,281

 

 

 

4,219

 

(b)

Third quarter fiscal year 2018 total

 

 

1,089

 

 

$

9.66

 

 

 

1,089

 

 

 

3,130

 

 

July 2018

 

 

125

 

 

$

9.72

 

 

 

125

 

 

 

3,005

 

 

August 2018

 

 

114

 

 

$

9.68

 

 

 

114

 

 

 

5,550

 

(c)

September 2018

 

 

191

 

 

$

9.73

 

 

 

191

 

 

 

5,359

 

 

Fourth quarter fiscal year 2018 total

 

 

430

 

 

$

9.72

 

 

 

430

 

 

 

5,359

 

 

Fiscal year 2018 total

 

 

2,800

 

 

$

9.54

 

 

 

2,800

 

 

 

5,359

 

 

October 2018

 

 

151

 

 

$

9.70

 

 

 

151

 

 

 

5,208

 

 

November 2018

 

 

182

 

 

$

9.71

 

 

 

182

 

 

 

5,026

 

(d)

 

 

(a)

Amounts include repurchase costs.

(b)

In February 2018, the Board authorized an increase in the number of Common Units available for repurchase from 2.2 million to 5.5 million.

(c)

In August 2018, the Board authorized an increase in the number of Common Units available for repurchase from 2.9 million to 5.55 million.

(d)

Of the total available for repurchase, approximately 2.5 million are available for repurchase in open market   transactions and 2.5 million are available for repurchase in privately-negotiated transactions.