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Subsequent Events
12 Months Ended
Sep. 30, 2012
Text Block [Abstract]  
Subsequent Events
Subsequent Events

The Company has identified subsequent events requiring disclosure through the date of the filing of this Form 10-K.

On November 16, 2012, the Company entered into Amendment No. 1 (the “Amendment”) with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto, which amends the Company's existing Credit Facility, dated as of December 21, 2011.  The Amendment, among other things, (i) amends the definition of Consolidated EBITDA to include projected Consolidated EBITDA attributable to fixed fee contracts from the Company's pending acquisition of Rangeland Energy, LLC; (ii) increases the Maximum Total Leverage Ratio to 5.50 to 1.0 for any two consecutive fiscal quarters ending on or immediately after the date of the consummation of a Permitted Acquisition in excess of $50 million; and (iii) adds a Senior Secured Leverage Ratio of 3.75 to 1.00 on and after the cumulative issuance of $200 million or more of Permitted Junior Debt.  

On November 14, 2012, a quarterly distribution of $0.385 per limited partner unit was paid to unitholders of record on November 7, 2012, with respect to the fourth fiscal quarter of 2012.

On November 5, 2012, the Company announced the planned acquisition of 100% of the ownership interest of Rangeland Energy, LLC ("Rangeland") in exchange for $425 million in cash, net of cash acquired in the transaction and subject to certain closing adjustments. The Company has already entered into an agreement to sell $225 million through a private placement of common units to qualified institutional investors conditioned upon and closing contemporaneously with the closing of the Rangeland acquisition.
The primary purpose of this acquisition is to acquire the crude oil loading terminal, storage facility, and interconnecting pipeline assets of Rangeland, which are located in Williams County, North Dakota. The Company's valuation of the assets acquired and liabilities assumed has not been completed as the acquisition has not closed to date. The Company expects the significant components of the valuation to include property, plant and equipment, intangible contract assets and goodwill.
The following represents the pro forma consolidated statements of operations as if Rangeland had been included in the consolidated results of the Company for the year ended September 30, 2012 (in millions):
 
(Unaudited) Pro Forma Consolidated Statement of Operations
 
Year Ended
September 30, 2012
Revenue
$
193.2

Net Income
$
7.4



These amounts are based on certain assumptions made as to the purchase accounting of the transaction. A final determination of the purchase accounting adjustments, including the allocation of the purchase price of the assets acquired and liabilities assumed based on their fair values, has not been made. Accordingly, the purchase accounting adjustments made in connection with the development of the unaudited pro forma are preliminary and subject to material change. Rangeland was a development stage entity (as defined by ASC Topic 915, Development Stage Entities) until recently, and began principal commercial operations during June 2012. The revenues and earnings for the acquired company are insignificant for the years ended September 30, 2011 and 2010 and thus are not presented. The acquisition is planned to close during December 2012, however, the Company provides no assurance regarding the timing or completion of the acquisition and additionally the amounts above are subject to change.