PARTNERS' EQUITY

9 Months Ended

Sep. 30, 2014

PARTNERS' EQUITY

PARTNERS' EQUITY

NOTE 6PARTNERS’ EQUITY

ATM equity issuance program (ATM program)

In August 2014, the Partnership entered into an Equity Distribution Agreement (the EDA) with five different financial institutions (Managers). Pursuant to the terms of the EDA, we may from time to time, through the Managers as our sales agents, offer and sell common units having an aggregate offering price of up to $200 million.  Sales of such common units will be made by means of ordinary brokers’ transactions on the NYSE at market prices, in block transactions or as otherwise agreed upon by one or more of the Managers and us. We intend to use the net proceeds from sales under the program for general partnership purposes, which may include debt repayment and future acquisitions.

Beginning in August until September 30, 2014, the Partnership issued 1.3 million common units under the ATM program generating net proceeds of approximately $73 million, including our General Partner’s proportionate equity contribution of approximately $1 million to maintain its two percent effective interest, net of approximately $1 million of commission to our sales agents.