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Subsequent Events
6 Months Ended
Mar. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

10) Subsequent Events

Amendment to Revolving Credit Facility

In April 2012, due to the impact of the warm winter weather on the Partnership's operating results, the Partnership amended its bank facility to permit payment of distributions from April 1 to December 31, 2012 as long as Availability, as defined in the bank facility, is not less than $50.0 million and provided that distributions made during such period does not exceed $0.2325 per Common Unit. During this period the Partnership is not required to meet the fixed charge coverage test of 1.15 in order to pay distributions. Subsequent to December 31, 2012, the Partnership must have Availability of $61.3 million (on a historical pro forma and forward-looking basis) and must meet the fixed charge coverage test of 1.15 in order to pay distributions.

To provide the Partnership with additional financial flexibility for acquisitions, the amendment increases the borrowing base for fixed assets and customer lists from $50.0 million to $60.0 million, permits the incurrence of additional subordinated debt of $25.0 million and increases the amount that the Partnership can invest in an unrestricted subsidiary from $10.0 million to $20.0 million.

Acquisition

In April 2012, the Partnership purchased the customer lists and assets of a home heating oil dealership for an aggregate cost of approximately $12.2 million, including negative net working capital of $3.8 million.

Quarterly Distribution Declared

On April 19, 2012, the Partnership declared a quarterly distribution of $0.0775 per unit, or $0.31 per unit on an annualized basis, on all common units in respect of the second quarter of fiscal 2012 payable on May 8, 2012, to holders of record on April 30, 2012. In accordance with our Partnership Agreement, the amount of distributions in excess of the minimum quarterly distribution of $0.0675, are distributed 90% to the holders of common units and 10% to the holders of the General Partner units (until certain distribution levels are met), subject to the management incentive compensation plan. As a result, $4.7 million will be paid to the common unit holders, $0.06 million to the General Partner (including $0.03 million of incentive distributions) and $0.03 million to management pursuant to the management incentive compensation plan which provides for certain members of management to receive incentive distributions that would otherwise be payable to the General Partner.