Partners' Capital and Distributions

9 Months Ended

Sep. 30, 2015

Partners' Capital and Distributions [Abstract]

Partners’ Capital and Distributions

At September 30, 2015, our outstanding common units consisted of 109,939,221 Class A units and 39,997 Class B units.

On July 22, 2015, we issued 10,350,000 Class A common units in a public offering at a price of $43.77 per unit, which included the exercise by the underwriters of an option to purchase up to 1,350,000 additional common units from us. We received proceeds, net of underwriting discounts and offering costs, of approximately $437.2 million from that offering. We used the net proceeds to fund a portion of the purchase price for our Enterprise acquisition.

On April 10, 2015, we issued 4,600,000 Class A common units in a public offering at a price of $44.42 per unit, which included the exercise by the underwriters of an option to purchase up to 600,000 additional common units from us. We received proceeds, net of underwriting discounts and offering costs, of approximately $198 million from that offering. We intend to use the net proceeds for general partnership purposes, including funding acquisitions (including organic growth projects) or repaying a portion of the borrowings outstanding under our revolving credit facility.

Distributions

We paid or will pay the following distributions in 2014 and 2015:



Distribution For	Date Paid		Per Unit Amount		Total Amount
2014
1^st Quarter	May 15, 2014		$	0.5500	$	48,783
2^nd Quarter	August 14, 2014		$	0.5650	$	50,114
3^rd Quarter	November 14, 2014		$	0.5800	$	54,112
4^th Quarter	February 13, 2015		$	0.5950	$	56,542
2015
1^st Quarter	May 15, 2015		$	0.6100	$	60,774
2^nd Quarter	August 14, 2015		$	0.6250	$	68,737
3^rdQuarter	November 13, 2015	⁽¹⁾	$	0.6400	$	70,387

(1) This distribution will be paid to unitholders of record as of October 30, 2015.