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Partners' Equity: | 12 Months Ended
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Dec. 31, 2017
Partners' Equity |
Partners' Equity: | 9. Partners’ Equity: Preferred Units Offering: On July 20, 2015, the Partnership concluded an underwritten public offering of 3,000,000 9% Series A Preferred Units, representing limited partner interests in the Partnership, at a liquidation preference of $25.00 per unit. The Partnership received $72.3 million of proceeds from this offering, net of the $2.4 million underwriting discount of and incurred offering expenses of $0.3 million. The Partnership used the proceeds of this offering to finance the Lena River Acquisition (Note 3(c)). Conversion of Sponsor’s Subordinated Units into Common Units: On January 23, 2017 (the “Sponsor Subordinated Units Conversion Date”), upon payment by the Partnership to its common unitholders of the quarterly distribution in respect of the fourth quarter of 2016 and upon satisfaction of certain other conditions defined and set forth in the Partnership Agreement, the Partnership’s subordination period expired and, accordingly, the Sponsor’s 14,985,000 issued and outstanding subordinated units representing limited partner interests in the Partnership were converted into common units on a one-for-one basis (the “Sponsor Subordinated Units Conversion”). The Partnership Agreement prescribes that, upon the expiration of the subordination period, arrearages in the payment of the minimum quarterly distribution on the common units from prior quarters no longer accrue and that the subordinated units participate pro rata with other common units in distributions of available cash. As of December 31, 2017, following the Sponsor Subordinated Units Conversion, the Sponsor owns 15,595,000 common units, representing a 43.9% interest in the Partnership, excluding its General Partner interest. No cash consideration was paid in connection with this conversion. As of December 31, 2017, following the Sponsor Subordinated Units Conversion, discussed above, the Partnership had 35,490,000 common units, 3,000,000 Series A Preferred Units and 35,526 general partner units issued and outstanding. Common and General Partner unit distribution provisions: After the end of the subordination period, which expired December 31, 2016, the Partnership pays distributions in the following manner: • first, 100% to the holders of common units and to the General Partner in accordance with their relative percentage interests, until the distributed amount in respect of each common unit equals the minimum quarterly distribution; and •second, 100% to the holders of common units and to the General Partner in accordance with their relative percentage interests, until each unit has received an aggregate distribution of a specified dollar amount. The percentage allocations of available cash from operating surplus among the common and subordinated unitholders, the General Partner and the holders of the incentive distribution rights up to the various target distribution levels is illustrated below:
|  | Total Quarterly Distribution Target Amount |  | Unitholders |  | General Partner |  | Holders of IDRs
Minimum Quarterly Distribution |  | $0.365 |  |  | 99.9 | % |  |  | 0.1 | % |  |  | 0.0 | %
First Target Distribution |  | up to $0.420 |  |  | 99.9 | % |  |  | 0.1 | % |  |  | 0.0 | %
Second Target Distribution |  | above $0.420 up to $0.456 |  |  | 85.0 | % |  |  | 0.1 | % |  |  | 14.9 | %
Third Target Distribution |  | Above $0.456 up to $0.548 |  |  | 75.0 | % |  |  | 0.1 | % |  |  | 24.9 | %
Thereafter |  | above $0.548 |  |  | 50.0 | % |  |  | 0.1 | % |  |  | 49.9 | %
Under the Partnership Agreement, the holder of the incentive distribution rights in the Partnership, which is currently the General Partner, assuming that there are no cumulative arrearages on common unit distributions, has the right to receive an increasing percentage of cash distributions after the first target distribution. Preferred Units distribution and redemption provisions: Distributions on the Series A Preferred Units are cumulative from the date of original issue and are payable quarterly on February 12, May 12, August 12 and November 12, of each year, subject to the discretion of the Partnership’s Board of Directors. Distributions are payable out of amounts legally available at a distribution rate of 9.00% per annum of the stated liquidation preference. Any time on or after August 12, 2020, the Series A Preferred Units may be redeemed, in whole or in part, at the issuer’s option, out of amounts legally available thereof, at a redemption price of $25.00 per unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption. The Series A Preferred Units represent perpetual equity interests in the Partnership, unlike the Partnership’s indebtedness, do not give rise to a claim for payment of a principal amount at a particular date. The Series A Preferred Units rank senior to the Partnership’s common units and to each other class or series of limited partner interests or other equity established after the original issue date of the Series A Preferred Units that is not expressly made senior to or on a parity with the Series A Preferred Units as to payment of distributions. The Series A Preferred Units rank junior to all of the Partnership’s indebtedness. Common and preferred unit distributions: On January 1, 2017, the Board of Directors unanimously approved a quarterly cash distribution, for the fourth quarter of 2016 of $0.4225 per common and subordinated unit, or $15.0 million which, on January 19, 2017, was paid to all unitholders of record as of January 11, 2017. On January 19, 2017, the Partnership’s Board of Directors further declared a cash distribution of $0.5625 per unit on its Series A Preferred Units for the period from November 12, 2016 to February 11, 2017. The cash distribution was paid on February 13, 2017, to all Series A preferred unitholders of record as of February 5, 2017. On April 12, 2017, the Partnership’s Board of Directors announced a quarterly cash distribution of $0.4225, or $15.0 million, per common unit in respect of the first quarter of 2017. This cash distribution was paid on April 28, 2017, to all common unitholders of record as of April 21, 2017. On April 21, 2017, the Partnership’s Board of Directors announced a cash distribution of $0.5625 per unit of its Series A Preferred Units for the period from February 12, 2017 to May 11, 2017, which was paid on May 12, 2017, to all unitholders of record as of May 5, 2017. On July 1, 2017, the Partnership’s Board of Directors declared a quarterly cash distribution of $0.4225, or $15.0 million, per common unit in respect of the second quarter of 2017. This cash distribution was paid on July 18, 2017, to all common unitholders of record as of July 11, 2017. On July 19, 2017, the Partnership’s Board of Directors declared a cash distribution of $0.5625 per unit of its Series A Preferred Units for the period from May 12, 2017 to August 11, 2017, which was paid on August 14, 2017, to all unitholders of record as of August 5, 2017. On October 2, 2017, the Partnership’s Board of Directors declared a quarterly cash distribution of $0.4225, or $15.0 million, per common unit in respect of the third quarter of 2017. This cash distribution was paid on October 19, 2017, to all common unitholders of record as of October 12, 2017. On October 19, 2017, the Partnership’s Board of Directors announced a cash distribution of $0.5625 per unit of its Series A Preferred Units for the period from August 12, 2017 to November 11, 2017, which was paid on November 13, 2017, to all unitholders of record as of November 5, 2017. General Partner Distributions: During the years ended December 31, 2017, 2016 and 2015, the Partnership paid to its General Partner and holder of the incentive distribution rights in the Partnership an amount of $129, $127 and $130, respectively.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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