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Common Unit Repurchase Plans and Retirement
 3 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Common Unit Repurchase Plans and Retirement

3) Common Unit Repurchase and Retirement

In July 2012, the Board authorized the repurchase of up to 3.0 million of the Company’s Common Units (“Plan III”). In July 2013, the Board authorized the repurchase of an additional 1.9 million Common Units under 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 Company may discontinue purchases at any time. The program does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Company’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.

Under the Company’s third amended and restated credit agreement dated July 30, 2015, in order to repurchase Common Units we must maintain Availability (as defined in the amended and restated credit agreement) of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is in effect) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 measured as of the date of repurchase. The Company was in compliance with this covenant as of December 31, 2017.

The following table shows repurchases under Plan III.

 

(in thousands, except per unit amounts)

Period

 

Total Number of

Units Purchased

(a)

 

 

Average Price

Paid per Unit

(b)

 

 

Maximum Number

of Units that May

Yet Be Purchased

 

Plan III - Number of units authorized

 

 

 

 

 

 

 

 

 

 

4,894

 

Private transaction - Number of units authorized

 

 

 

 

 

 

 

 

 

 

2,450

 

 

 

 

 

 

 

 

 

 

 

 

7,344

 

Plan III - Fiscal years 2012 to 2017 total (c)

 

 

5,137

 

 

$

5.78

 

 

 

2,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan III - First quarter fiscal year 2018 total

 

 

-

 

 

$

-

 

 

 

2,207

 

 

(a)

Units were repurchased as part of a publicly announced program, except as noted in a private transaction.

(b)

Amounts include repurchase costs.

(c)

Includes 2.45 million common units acquired in a private transaction.