XML 38 R26.htm IDEA: XBRL DOCUMENT v3.25.0.1
Subsequent Events
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 14. Subsequent Events

On January 13, 2025, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement pursuant to which the Partnership agreed to purchase from the Sponsors 2,572,677 Class B Units for an aggregate purchase price of approximately $100.0 million. The repurchase transaction was consummated on January 15, 2025. The purchase price per Class B Unit was $38.87, the closing price of the Class A Shares on January 13, 2025. The unit repurchase transaction was funded using borrowings under the Partnership’s existing revolving credit facility (see Note 7, Debt and Interest Expense).

On January 27, 2025, the board of directors of our general partner declared a quarterly cash distribution of $0.7012 per Class A Share for the quarter ended December 31, 2024. The distribution was paid on February 14, 2025 to shareholders of record as of the close of business on February 6, 2025. On February 14, 2025, the Partnership also made a distribution of $0.7012 per Class B Unit of the Partnership to the Sponsors.

On February 12, 2025, the Partnership issued $800.0 million aggregate principal amount of 5.875% fixed‑rate senior unsecured notes due 2028 at par to qualified institutional investors. The Partnership intends to use the net proceeds from the issuance of the new notes, along with borrowings under its revolving credit facility, to redeem its outstanding $800.0 million aggregate principal amount of 5.625% senior notes due 2026 (the “2026 Notes”). The Partnership delivered a notice of redemption in respect of the 2026 Notes on February 3, 2025.

On February 12, 2025, GIP sold an aggregate of 11,000,000 of our Class A Shares in an underwritten public offering at a price of $39.45 per Class A Share, less underwriting discounts. GIP also granted the underwriter an option to purchase up to an additional 1,650,000 Class A Shares at the same price per Class A Share, which was exercised in full on February 19, 2025. GIP received net proceeds from the offering of approximately $494.7 million, after deducting underwriting discounts. The Company did not receive any proceeds in the offering. The offering was conducted pursuant to a registration rights agreement among us and the Sponsors. As a result of this public equity offering transaction and the unit repurchase transaction described above, the Company’s consolidated ownership in the Partnership increased to approximately 54.2% at February 19, 2025 from approximately 47.7% at December 31, 2024, and the noncontrolling interest decreased to 45.8% from 52.3%, respectively.