Subsequent Events

9 Months Ended

Sep. 30, 2019

Subsequent Events

Subsequent Events

19. SUBSEQUENT EVENTS

In October 2019, the Partnership paid $6.0 million in principal outstanding under the Credit Agreement resulting in debt outstanding of $156 million under the Credit Agreement.

On October 30, 2019, the Board declared that after establishing a cash reserve for the payment of certain amounts outstanding under the Credit Agreement, the Partnership did not have any available cash and, as a result, there would be no cash distribution on the Partnership’s common units. As required by the Amended Partnership Agreement, the Board declared a third quarter distribution on the Class C Preferred Units payable 100% in Class C Preferred PIK Units. Accordingly, the Partnership declared an aggregate distribution of 1,007,820 Class C Preferred PIK Units, payable on November 29, 2019 to holders of record on November 20, 2019.