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Subsequent Events | 9 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
Subsequent Events | 16) Subseq ue nt Events Quarterly Distribution Declared In July 2022, we declared a quarterly distribution of $0.1525 per unit, or $0.61 per unit on an annualized basis, on all Common Units with respect to the third quarter of fiscal 2022, paid on August 2, 2022, to holders of record on July 25, 2022. The amount of distributions in excess of the minimum quarterly distribution of $0.0675 are distributed in accordance with our Partnership Agreement, subject to the management incentive compensation plan. As a result, $5.5 million was paid to the Common Unit holders, $0.3 million to the General Partner unit holders (including $0.3 million of incentive distribution as provided in our Partnership Agreement) and $0.3 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. Common Units Repurchased and Retired In July 2022, in accordance with the Repurchase Plan, the Company repurchased and retired 0.1 million Common Units at an average price paid of $9.73 per unit. Sixth Amended and Restated Revolving Credit Facility Agreement On July 6, 2022, the Company entered into a sixth amended and restated revolving credit facility agreement with a bank syndicate of ten participants that enables us to borrow up to $400 million ($550 million during the heating season of December through April of each year) on a revolving line of credit for working capital purposes (subject to certain borrowing base limitations and coverage ratios), provides for a $165 million five-year senior secured term loan, allows for the issuance of up to $25 million in letters of credit, and extends the maturity date of the previous agreement to July 6, 2027. Proceeds from the new term loan were used to repay the outstanding balance of the existing term loan ($95.9 million) and $69.1 million of the revolving credit facility borrowings. Under the Company’s sixth amended and restated credit agreement, in order to pay distributions and repurchase Common Units we must maintain Availability of $60 million, 15.0% of the facility size of $400 million (assuming the non-seasonal aggregate commitment is outstanding) 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 or distribution.

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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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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