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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2015
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

 

14.SUBSEQUENT EVENTS

 

On July 28, 2015, we declared a quarterly distribution for the quarter ended June 30, 2015, of $0.96 per unit on all common units outstanding, totaling approximately $57.5 million, payable on August 19, 2015 to all unitholders of record as of August 12, 2015.

 

On July 28, 2015, the ARLP Partnership declared a quarterly distribution for the quarter ended June 30, 2015, of $0.675 per unit, on all common units outstanding, totaling approximately $87.5 million (which includes MGP’s incentive distributions), payable on August 14, 2015 to all unitholders of record as of August 7, 2015.

 

On July 31, 2015 (the “White Oak Acquisition Date”), WOR Processing acquired the remaining Series A and B Units, representing 60.0% equity ownership, from White Oak Finance Inc. and other parties (the “Sellers”) for $50.0 million cash paid at closing and additional contingent consideration that may be due in the future.  Contingent consideration will be payable to the Sellers if White Oak’s average coal sales prices exceed a specified amount.  The ARLP Partnership is in the process of estimating the fair value of this contingent consideration as well as the fair value of certain preexisting relationships between the ARLP Partnership and White Oak, including, but not limited to, the due from affiliate receivables related to the Construction Loan, Additional Funding Loan, Coal Handling and Preparation Agreement, Coal Purchase Agreement, Export Agreements and coal leases (see Note 8).  As of the White Oak Acquisition Date, the ARLP Partnership now owns 100.0% of the equity interests in White Oak and has assumed operating control of the mine.  The acquisition of White Oak is consistent with the ARLP Partnership’s general business strategy and complements its current coal mining operations.  The ARLP Partnership is in the process of estimating the fair values of the individual assets acquired and liabilities assumed on the White Oak Acquisition Date.

 

Other than the events described above and in Notes 7, 8 and 13, there were no other subsequent events.