Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

We have evaluated events that have occurred after September 30, 2016, through the issuance of these condensed consolidated financial statements. Any material subsequent events that occurred during this time have been properly recognized or disclosed in the consolidated financial statements and accompanying notes.

Distribution

On October 19, 2016, the Board declared a cash distribution of $0.26375 per limited partner unit for the three months ended September 30, 2016. The distribution will be paid on November 14, 2016 to unitholders of record as of October 31, 2016.

October 2016 Acquisition

On September 27, 2016, we entered into a Purchase and Sale Agreement among SPLC, SOPUS and the Operating Company to acquire a 49.0% interest in Odyssey and an additional 20.0% interest in Mars for $350.0 million (the “October 2016 Acquisition”). We funded the October 2016 Acquisition with $50.0 million of cash on hand and $300.0 million in borrowings under the Five Year Revolver. The October 2016 Acquisition closed on October 3, 2016.

Colonial Incident

As publicly announced by Colonial on October 31, 2016, a crew working on Colonial’s gasoline pipeline ("Line 1") in Alabama experienced an incident when the track hoe it was operating hit the pipeline causing a fire, which was later contained. Line 1 was shut down and remains shut down as of November 3, 2016. We cannot predict how long Line 1 will remain down. We continue to monitor the situation but cannot predict the impact the shutdown of the pipeline will have on our results of operations and cash flow.