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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 14. Subsequent Events

On July 14, 2022, the Partnership amended and restated its existing credit agreement for its $1.4 billion Credit Facilities. The amended and restated credit agreement, among other things, (a) extended the maturity date from December 2024 to July 2027, (b) increased the accordion feature to up to an additional $750.0 million, which does not represent a lending commitment from the lenders, and (c) replaced the London Interbank Offered Rate, or LIBOR, with Secured Overnight Financing Rate, or SOFR, as the benchmark rate. In connection with the amendment and restatement of the credit facilities, the Partnership retired its existing senior secured Term Loan A facility, which had borrowings of $380.0 million excluding deferred issuance costs at June 30, 2022, and entered into a fully drawn $400.0 million 5-year Term Loan A facility, receiving cash of $20.0 million at closing. As a result of this refinance, $25.0 million of current maturities of long-term debt have been reclassified to long-term debt as of June 30, 2022. The amended and restated credit agreement has substantially similar terms to the prior agreement, including commitment amounts, guarantees, secured collateral and covenants.

On July 25, 2022, the board of directors of our general partner declared a quarterly cash distribution of $0.5559 per Class A share for the quarter ended June 30, 2022, an approximate 1.2% increase compared to the distribution on the Class A shares for the quarter ended March 31, 2022. The distribution will be payable on August 12, 2022, to shareholders of record as of the close of business on August 4, 2022. Simultaneously, the Partnership will make a distribution of $0.5559 per Class B unit of the Partnership to the Sponsors.