Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events

Subsequent Events

21. SUBSEQUENT EVENTS

On February 13, 2020, 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 fourth quarter distribution on the Class C Preferred Units payable 100% in Class C Preferred PIK Units. Accordingly, the Partnership declared an aggregate distribution of 1,039,314 Class C Preferred PIK Units, which was paid on February 28, 2020 to holders of record on February 20, 2020.

On January 13, 2020, we received written notice of termination from Sanchez Energy terminating the Seco Pipeline Transportation Agreement effective February 12, 2020.

Since December 31, 2019, the Partnership paid $6.0 million in principal outstanding under the Credit Agreement resulting in total debt outstanding of $144.0 million under the Credit Agreement as of March 13, 2020.