Subsequent Event(s)

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Event(s)

Subsequent Event(s)

We have evaluated events that occurred after December 31, 2021 through the issuance of these 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 January 19, 2022, the Board declared a cash distribution of $0.3000 per limited partner unit and $0.2363 per limited partner preferred unit for the three months ended December 31, 2021. The distribution was paid on February 11, 2022 to unitholders of record as of February 1, 2022.

Take Private Proposal

On February 11, 2022, the Board received a non-binding, preliminary proposal letter from SPLC to acquire all of the Partnership's issued and outstanding common units not already owned by SPLC or its affiliates at a value of $12.89 per each issued and outstanding publicly-held common units of the Partnership (the “Proposal”). The Board has appointed the conflicts committee to review, evaluate and negotiate the Proposal.

The proposed transaction is subject to a number of contingencies, including the approval of the Board, the negotiation of a definitive agreement concerning the transaction, and the satisfaction of conditions to the consummation of a transaction set forth in any such definitive agreement. There can be no assurance that such definitive agreement will be executed or that any transaction will be consummated on the terms described above or at all.

Repayment of Debt

On February 16, 2022, we used excess cash to repay $150 million of borrowings under the Five Year Revolver due December 2022.