Related Party Transactions

12 Months Ended

Mar. 31, 2014

Related Party Transactions

Related Party Transactions

18. Related Party Transactions

        There were no amounts owing to or from related parties as at March 31, 2014 and 2013.

        During the year ended March 31, 2014, Niska Partners recognized management fees amounting $0.2 million (March 31, 2013—$0.2 million; March 31, 2012—$0.9 million). Management fees are charged, on an arms-length basis, to affiliated entities for certain administrative services rendered and are recorded as a reduction of general and administrative costs.

        During the year ended March 31, 2014, the Carlyle/Riverstone Funds elected to participate in the DRIP and were issued 1,252,810 common units in lieu of receiving cash distributions of $18.3 million.

        During the year ended March 31, 2012, Niska Partners purchased the net assets of Starks Gas Storage LLC, Coastal Bend Gas Storage LLC, and Sundance Gas Storage ULC from Sponsor Holdings Cooperatief U.A. and from R/C Sundance Cooperatief U.A. for consideration of $5.0 million. Niska Partners, Sponsor Holdings Cooperatief U.A. and R/C Sundance Cooperatief U.A. are all effectively owned by the same parent company. As a result, the transactions between entities under common control have been recorded at the parent's carrying value and the difference between the carrying value and the amount of proceeds transferred to the parent has been recognized in equity.

        During the year ended March 31, 2012, a subsidiary of Niska Partners purchased certain Class B units of Niska Holdings Canada from certain non-executive officers and employees of Niska Partners for $2.2 million. The amount has been reflected as a reduction of members' equity.

        On August 24, 2011, the Company completed the issuance and sale of 687,500 common units at a price of $16.00 per unit to Sponsor Holdings. Total proceeds of $11.0 million were used to reduce amounts owing under the 8.875% Senior Notes.