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Common Unit Repurchase Plans and Retirement
 12 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Common Unit Repurchase Plans and Retirement

5) Common Unit Repurchase Plans and Retirement

In July 2012, the Board adopted a plan to repurchase certain of the Company’s Common Units (the “Repurchase Plan”). Through May 2023, the Company had repurchased approximately 20.5 million Common Units under the Repurchase Plan. In May 2023, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 1.1 million to a total of 2.6 million, of which, 2.3 million were available for repurchase in open market transactions and 0.3 million were available for repurchase in privately-negotiated transactions. There is no

guarantee of the number of units that will be purchased under the Repurchase Plan and the Company may discontinue purchases at any time. The Repurchase Plan 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 under the Repurchase Plan will be retired.

Under the credit agreement dated September 27, 2024, in order to repurchase Common Units we must maintain Availability (as defined in the credit agreement) of not less than the greater of (i) 15% of the Line Cap (lesser of the revolving credit facility borrowings and the borrowing base) and (ii) $40 million 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. (See Note 13—Long-Term Debt and Bank Facility Borrowings). The following table shows repurchases under the Repurchase Plan.

 

(in thousands, except per unit amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

Period

 

Total Number
of Units
Purchased

 

 

Average Price
Paid per Unit
(a)

 

 

Total Number
of Units
Purchased as
Part of
Publicly
Announced
Plans or
Programs

 

 

Maximum Number
of Units that May
Yet Be Purchased

 

 

Fiscal year 2012 to 2023 total

 

 

25,422

 

 

$

8.82

 

 

 

20,534

 

 

 

2,568

 

 

First quarter fiscal year 2024 total

 

 

13

 

 

$

11.27

 

 

 

13

 

 

 

2,555

 

 

Second quarter fiscal year 2024 total

 

 

218

 

 

$

10.92

 

 

 

218

 

 

 

2,337

 

 

Third quarter fiscal year 2024 total

 

 

598

 

 

$

10.86

 

 

 

598

 

 

 

1,739

 

 

Fourth quarter fiscal year 2024 total

 

 

187

 

 

$

11.02

 

 

 

187

 

 

 

1,552

 

 

Fiscal year 2024 total

 

 

1,016

 

 

$

10.91

 

 

 

1,016

 

 

 

1,552

 

 

October 2024

 

 

3

 

 

$

11.25

 

 

 

3

 

 

 

1,549

 

 

November 2024

 

 

5

 

 

$

11.12

 

 

 

5

 

 

 

1,544

 

(b)

(a)
Amounts include repurchase costs.
(b)
Of the total available for repurchase, approximately 1.2 million are available for repurchase in open market transactions and 0.3 million are available for repurchase in privately-negotiated transactions.