XML 99 R79.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Equity - Class D Preferred Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 4 Months Ended 12 Months Ended 39 Months Ended
Jul. 01, 2024
Feb. 27, 2024
Mar. 31, 2024
Oct. 31, 2019
Mar. 31, 2024
Mar. 31, 2024
Mar. 31, 2023
Jul. 02, 2019
Class of Stock                
Distributions         $ 178,299      
Preferred units, amount of preferred dividends in arrears         $ 216,800      
Series D Preferred Stock                
Class of Stock                
Preferred units, redemption terms       At any time after July 2, 2019 (“Closing Date”), the Partnership shall have the right to redeem all of the outstanding Class D Preferred Units at a price per Class D Preferred Unit equal to the sum of the then-unpaid accumulations with respect to such Class D Preferred Unit and the greater of either the applicable multiple on invested capital or the applicable redemption price based on an applicable internal rate of return, as more fully described in our Partnership Agreement. At any time on or after the eighth anniversary of the Closing Date, each Class D Preferred Unitholder will have the right to require the Partnership to redeem on a date not prior to the 180th day after such anniversary all or a portion of the Class D Preferred Units then held by such preferred unitholder for the then-applicable redemption price, which may be paid in cash or, at the Partnership’s election, a combination of cash and a number of common units not to exceed one-half of the aggregate then- applicable redemption price, as more fully described in our Partnership Agreement. Upon a Class D Change of Control (as defined in our Partnership Agreement), each Class D Preferred Unitholder will have the right to require the Partnership to redeem the Class D Preferred Units then held by such Preferred Unitholder at a price per Class D Preferred Unit equal to the applicable redemption price. The Class D Preferred Units generally will not have any voting rights, except with respect to certain matters which require the vote of the Class D Preferred Units. The Class D Preferred Units generally do not have any voting rights, except that the Class D Preferred Units shall be entitled to vote as a separate class on any matter on which unitholders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the Class D Preferred Units in relation to other classes of Partnership Interests (as defined in our Partnership Agreement) or as required by law. The consent of a majority of the then-outstanding Class D Preferred Units, with one vote per Class D Preferred Unit, shall be required to approve any matter for which the preferred unitholders are entitled to vote as a separate class or the consent of the representative of the Class D Preferred Unitholders, as applicable.        
Premium Warrants | Class D Preferred Units First Issuance                
Class of Stock                
Warrants outstanding (in units)               10,000,000
Warrants, exercise price               $ 17.45
Premium Warrants | Class D Preferred Units Second Issuance                
Class of Stock                
Warrants outstanding (in units)       5,000,000        
Warrants, exercise price       $ 16.28        
Par Warrants | Class D Preferred Units First Issuance                
Class of Stock                
Warrants outstanding (in units)               7,000,000
Warrants, exercise price               $ 14.54
Par Warrants | Class D Preferred Units Second Issuance                
Class of Stock                
Warrants outstanding (in units)       3,500,000        
Warrants, exercise price       $ 13.56        
Limited Partner                
Class of Stock                
Warrants outstanding (in units)     25,500,000   25,500,000 25,500,000    
Distributions         $ 178,299      
Series D Preferred Stock                
Class of Stock                
Preferred units, dividend payment terms         The current distribution rate for the Class D Preferred Units is 10.00% (equal to $100.00 per every $1,000 in unit value per year), and includes an additional 0.50% rate increase due to a Class D distribution payment default, as defined within our Partnership Agreement      
Distributions   $ 115,000            
Preferred units, per unit amounts of preferred dividends in arrears     $ 27.31     $ 232.33    
Preferred units, amount of preferred dividends in arrears           $ 139,400    
Series D Preferred Stock | Subsequent Event                
Class of Stock                
Preferred units, dividend payment terms On or after July 1, 2024, the holders of our Class D Preferred Units can elect, from time to time, for the distributions to be calculated based on a floating rate equal to the applicable three-month LIBOR interest rate (or alternative rate as determined in accordance with our Partnership Agreement) plus a spread of 7.00% (“Class D Variable Rate”, as defined in our Partnership Agreement). Each Class D Variable Rate election shall be effective for at least four quarters following such election.              
Series D Preferred Stock                
Class of Stock                
Temporary equity, issued and outstanding (in units)     600,000   600,000 600,000 600,000