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Common Unit Repurchase Plans and Retirement
12 Months Ended
Sep. 30, 2013
Common Unit Repurchase Plans and Retirement

4) Common Unit Repurchase Plans and Retirement

In fiscal 2010, the Partnership concluded its Plan I common units repurchase program and retired at an average price paid of $4.04 per unit, all 7.5 million common units authorized for repurchase.

In fiscal 2012, the Partnership concluded its Plan II common units repurchase program and retired at an average price paid of $4.94 per unit, all 7.25 million common units authorized for repurchase.

In July 2012, the Board authorized the repurchase of up to 3.0 million of the Partnership’s common units (“Plan III”). In July 2013, the Board authorized an additional 1.9 million common units to be repurchased under its Plan III common unit repurchase plan. 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.

 

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

           4,894   

Private transaction - Number of units authorized (b)

           1,150   
        

 

 

 
           6,044   
  

 

 

    

 

 

    

Plan III - Fiscal year 2012 total

     22       $ 4.26         6,022   
  

 

 

    

 

 

    

Plan III - First quarter fiscal year 2013 total

     1,015       $ 4.18         5,007   
  

 

 

    

 

 

    

Plan III - Second quarter fiscal year 2013 total

     310       $ 4.36         4,697   
  

 

 

    

 

 

    

Plan III - Third quarter fiscal year 2013 total (b)

     1,697       $ 4.92         3,000   
  

 

 

    

 

 

    

Plan III - July 2013

     —         $ —           3,000   

Plan III - August 2013

     120       $ 4.87         2,880   

Plan III - September 2013

     142       $ 4.84         2,738   
  

 

 

    

 

 

    

Plan III - Fourth quarter fiscal year 2013 total

     262       $ 4.85         2,738   
  

 

 

    

 

 

    

Plan III - Fiscal year 2013 total

     3,284       $ 4.63         2,738   
  

 

 

    

 

 

    

 

(a) Amounts include repurchase costs.
(b) Third quarter fiscal 2013 common unit repurchases include 1.15 million common units acquired in a private transaction.