SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Cash Distribution

On October 29, 2020, the board of directors of the General Partner approved a cash distribution for the third quarter of 2020 of $0.20 per common unit, payable on November 23, 2020, to unitholders of record at the close of business on November 16, 2020.

Implementation of Common Unit Repurchase Program

On October 29, 2020, the board of directors of the General Partner approved a common unit repurchase program to acquire up to $100 million of the Partnership’s outstanding common units. The common unit repurchase program is authorized to extend through December 31, 2021 and the Partnership intends to purchase common units under the repurchase program opportunistically with cash on hand and free cash flow from operations. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors of the General Partner at any time. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable legal requirements, contractual obligations and other factors.

Amendment to Credit Agreement

On November 2, 2020, the Partnership and the Operating Company entered into a second amendment (the “Second Amendment”) to the Credit Agreement with Wells Fargo, as the administrative agent, and the lenders party thereto. The Second Amendment permits the Partnership to conduct common unit repurchases in connection with the common unit repurchase program described above.