Common Unit Repurchase and Retirement

9 Months Ended

Jun. 30, 2013

3) Common Unit Repurchase and Retirement

In July 2012, the Board authorized the repurchase of up to 3.0 million of the Partnership’s common units (“Plan III”). The authorized common unit repurchases may be made from time-to-time in the open market, in privately negotiated transactions or in such other manner deemed appropriate by management. There is no guarantee of the exact number of units that will be purchased under the program and the Partnership may discontinue purchases at any time. The program does not have a time limit. In June 2013, the Board authorized the repurchase of 1.15 million additional common units in a private transaction. The Partnership’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the common units purchased in the repurchase program will be retired.

In July 2013, the Board authorized an additional 1.9 million common units to be repurchased under its Plan III common unit repurchase plan, restoring the number of units that may yet be repurchased under this program to 3.0 million common units at July 31, 2013.

The Partnership must maintain Availability (as defined in the revolving credit facility agreement) of $61.3 million, 17.5% of the maximum facility size of $350 million (assuming a seasonal advance of $100 million is outstanding) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 in order to repurchase common units.


(in thousands, except per unit amounts)
Period	Total Number of Units Purchased as Part of a Publicly Announced Plan or Program		Average Price Paid per Unit (a)		Maximum Number of Units that May Yet Be Purchased Under the Program
Plan III - Number of units authorized						3,000
Private transaction - Number of units authorized (b)						1,150

						4,150

Plan III - Fiscal year 2012 total		22	$	4.26		4,128


Plan III - October 2012		39	$	4.28		4,089
Plan III - November 2012		645	$	4.20		3,444
Plan III - December 2012		331	$	4.13		3,113

Plan III - First quarter fiscal year 2013 total		1,015	$	4.18


Plan III - January 2013		91	$	4.25		3,022
Plan III - February 2013		—	$	—		3,022
Plan III - March 2013		219	$	4.40		2,803

Plan III - Second quarter fiscal year 2013 total		310	$	4.36


Plan III - April 2013		161	$	4.74		2,642
Plan III - May 2013		228	$	4.88		2,414
Plan III - June 2013 (b)		1,308	$	4.95		1,106

Plan III - Third quarter fiscal year 2013 total		1,697	$	4.92



Plan III - Nine months fiscal year 2013 total		3,022	$	4.61

(a)	Amounts include repurchase costs.

(b)	June 2013 common unit repurchases include 1.15 million common units acquired in a private transaction.

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

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