v3.4.0.3

SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2016
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 1 5. SUBSEQUENT EVENTS As a result of the AES Agreement, on April 1, 2016, AES instructed our administrative agent to draw down the full $15.0 million amount of the letter of credit. The proceeds from the letter of credit were used to pay down the debt under our Credit Agreement. Additionally, effective April 1, 2016, NuDevco surrendered to the Partnership 8,724,545 subordinated units, 1,939,265 common units, and 10 IDR Units of the Partnership held by NuDevco or its subsidiary. The parties released each other from other claims in respect of the terminated contracts, and AES assigned all of its rights and interest in third-party contracts to Azure effective January 1, 2016. During April 2016, the Partnership will record the results of the AES Agreement as follows: (i) $15.0 million of debt reduction, (ii) $28.7 million elimination of the remaining intangible asset, and (iii) record treasury equity of $13.7 million for the fair value of the units surrendered by NuDevco. These entries will have no impact to the statement of operations. AES was the sole customer of the crude oil logistics business. As a result of the termination of these contracts, we currently have no customers for our crude oil logistics business. If we are unable to secure additional customer contracts during the second quarter of 2016, the logistics segment may be reflected as a discontinued operation within our financial statements. As of Ma y 10, 2016, the public held 10,869,634 common units, representing 97.7% of our outstanding limited partner interests and Azure held 255,319 common units, representing 2.3% of our outstanding limited partner interests. The change in ownership from March 31, 2016 reflects the execution of the AES Agreement, effective April 1, 2016, whereby NuDevco surrendered all of their common and subordinated units and 10% of our IDR Units in exchange for the termination of all gathering and processing agreements and logistics contracts between us and AES.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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