0001140361-16-080821.txt : 20160927
0001140361-16-080821.hdr.sgml : 20160927
20160927163104
ACCESSION NUMBER: 0001140361-16-080821
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20101025
FILED AS OF DATE: 20160927
DATE AS OF CHANGE: 20160927
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: Blueknight Energy Partners, L.P.
CENTRAL INDEX KEY: 0001392091
STANDARD INDUSTRIAL CLASSIFICATION: PIPE LINES (NO NATURAL GAS) [4610]
IRS NUMBER: 208536826
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0914
BUSINESS ADDRESS:
STREET 1: 201 NW 10TH, SUITE 200
CITY: OKLAHOMA CITY
STATE: OK
ZIP: 73103
BUSINESS PHONE: (405) 278-6400
MAIL ADDRESS:
STREET 1: 201 NW 10TH, SUITE 200
CITY: OKLAHOMA CITY
STATE: OK
ZIP: 73103
FORMER COMPANY:
FORMER CONFORMED NAME: SemGroup Energy Partners, L.P.
DATE OF NAME CHANGE: 20070305
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Loya Miguel A.
CENTRAL INDEX KEY: 0001477901
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-33503
FILM NUMBER: 161904719
MAIL ADDRESS:
STREET 1: 2925 RICHMOND AVENUE
STREET 2: 11TH FLOOR
CITY: HOUSTON
STATE: TX
ZIP: 77098
FORMER NAME:
FORMER CONFORMED NAME: Loya Mike A
DATE OF NAME CHANGE: 20091202
4
1
doc1.xml
FORM 4
X0306
4
2010-10-25
0
0001392091
Blueknight Energy Partners, L.P.
BKEP
0001477901
Loya Miguel A.
2925 RICHMOND AVENUE, 11TH FLOOR
HOUSTON
TX
77098
1
0
1
0
Series A Preferred Units
6.50
2010-10-25
4
A
0
10769231
6.50
A
Common Units
10769231
I
See footnote
Convertible Subordinated Debenture
2010-10-25
4
A
0
0
A
2011-12-31
2011-12-31
Series A Preferred Units
0
I
See footnote
Subordinated Units
2010-11-12
4
S
0
6285252
4.77
D
Common Units
6285252
6285252
I
See footnote
Subordinated Units
2011-09-14
4
D
0
6285252
D
Common Units
6285252
0
I
See footnote
Series A Preferred Units
6.50
2011-11-09
4
D
0
1612747
6.50
D
Common Units
1612747
9156484
I
See footnote
Convertible Subordinated Debenture
2011-11-09
4
D
0
0
D
2011-12-31
2011-12-31
Series A Preferred Units
0
I
See footnote
As previously disclosed in Blueknight Energy Partners, L.P.'s (the "Issuer") Current Report on Form 8-K filed with the Securities and Exchange Commission on October 25, 2010 (the "Form 8-K"), pursuant to the Global Transaction Agreement dated October 25, 2010 (the "Global Transaction Agreement"), by and among the Issuer, Blueknight Energy Partners G.P., L.L.C., the general partner of the Issuer (the "GP"), Blueknight Energy Holding, Inc. ("Vitol Holding") and CB-Blueknight, LLC ("Charlesbank Holding"), (i) each of Charlesbank Holding and Vitol Holding purchased 10,769,231 Series A Preferred Units representing limited partner interests of the Issuer (the "Preferred Units") and (ii) the Issuer issued to each of Charlesbank Holding and Vitol Holding a Convertible Subordinated Debenture (the "Convertible Debenture") in the aggregate principal amount of $25 million. The Global Transaction Agreement, and the transactions contemplated thereby, are described more fully in the Form 8-K.
The Preferred Units have no expiration date and are convertible at any time, in whole or in part, on a one-for-one basis into Common Units representing limited partner interests of the Issuer ("Common Units") at the holder's election as set forth in the Fourth Amended and Restated Agreement of Limited Partnership of the Issuer, dated September 14, 2011 and filed with the Securities and Exchange Commission as Exhibit 3.1 to the Issuer's Current Report on Form 8-K filed on September 14, 2011.
If not previously redeemed, the Convertible Debenture would have matured on December 31, 2011 and, on such date, all outstanding principal and any accrued and unpaid interest would have automatically converted into Preferred Units. The terms of the Convertible Debenture are described more fully in the Form 8-K.
The number of Preferred Units issuable on conversion of the Convertible Debenture would have been an amount equal to (i) the sum of the outstanding principal and any accrued and unpaid interest being converted, divided by (ii) $6.50.
As previously disclosed in the Issuer's Form 10-K for the fiscal year ended December 31, 2010, pursuant to the Purchase, Sale & Co-Investment Agreement by and between Charlesbank Holding and Vitol Holding dated as of October 21, 2010, on November 12, 2010 Vitol Holding sold 6,285,252 Subordinated Units (the "Subordinated Units") of the Issuer to Charlesbank Holding.
As of November 12, 2010 and as of September 14, 2011, the Subordinated Units had no expiration date and were convertible on a one-for-one basis into Common Units at the end of the subordination period, as set forth in the Issuer's Third Amended and Restated Agreement of Limited Partnership, dated as of October 25, 2010, filed with the Securities and Exchange Commission as Exhibit 3.1 to the Form 8-K.
As previously disclosed in the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 14, 2011, the outstanding Subordinated Units were cancelled on September 14, 2011 pursuant to the adoption of the Fourth Amended and Restated Agreement of Limited Partnership of the Issuer.
As previously disclosed in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011 (the "2011 Third Quarter 10-Q"), on November 9, 2011, the Issuer repurchased 1,612,747 of the Preferred Units for an aggregate of $10,608,194.65 (being $6.50 per Preferred Unit and $0.078 per Preferred Unit as a pro-rata distribution amount) from each of Charlesbank Holding and Vitol Holding, after which each of Charlesbank Holding and Vitol Holding retained 9,156,484 Preferred Units.
As previously disclosed in the 2011 Third Quarter 10-Q, on November 9, 2011, the Issuer redeemed the Convertible Debenture for a price equal to its face value of $25,000,000, plus the accrued and unpaid interest thereon. If not otherwise redeemed, the Convertible Debenture was to mature on December 31, 2011 and, on such date, all outstanding principal and any accrued and unpaid interest were to automatically convert into Preferred Units. The terms of the Convertible Debenture are described more fully in the Form 8-K.
The board of directors of Vitol Holding has voting and dispositive power over these securities. The board of directors of Vitol Holding consists of Richard J. Evans and Miguel A. Loya who may be deemed to have voting and dispositive power with respect to and beneficially own the shares held by Vitol Holding as a result of their position on the board of directors; provided, however, that neither of Messrs. Evans and Loya have voting or dispositive power over these shares in their respective individual capacity. Mr. Loya disclaims beneficial ownership of the securities held by Vitol Holding, except to the extent of Mr. Loya's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, Mr. Loya states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
/s/ Miguel A. Loya
2016-09-27