Lehigh Gas Partners LP: Reports Second Quarter 2013 Results and Announces a 5.5% Increase in Its Quarterly Cash Distribution
(Thomson Reuters ONE) -
Lehigh Gas Partners LP Reports Second Quarter 2013 Results and Announces a 5.5%
Increase in Its Quarterly Cash Distribution
ALLENTOWN, PA (August 8, 2013) - Lehigh Gas Partners LP (NYSE: LGP) (the
"Partnership," "we," or "us") today reported its financial results for the
quarter ended June 30, 2013, and announced that the Board of Directors of its
general partner approved a 5.5% increase in the Partnership's cash distribution
per unit from the current annual rate of $1.81 per unit ($0.4525 per quarter) to
$1.91 per unit ($0.4775 per quarter). In addition to the actual financial
results for the quarter, the Partnership is providing certain pro forma results
for the period ended June 30, 2012. The Partnership completed its initial
public offering on October 30, 2012, and, as such, management believes the pro
forma results for the periods ended June 30, 2012, provide investors with a more
relevant comparison than the actual results of our predecessor for the periods
ended June 30, 2012. Please see the section entitled "Pro Forma Financial
Results" for additional information on our pro forma financial results.
In the Second Quarter of 2013, the Partnership:
* Distributed 160.7 million gallons of fuel compared to pro forma second
quarter 2012 volume of 154.0 million gallons of fuel, a 4.4% increase.
* Generated gross profit from fuel sales of $12.0 million compared to pro
forma second quarter 2012 gross profit from fuel sales of $10.7 million, a
12.1% increase.
* Generated Adjusted EBITDA of $14.9 million compared to pro forma second
quarter 2012 Adjusted EBITDA of $11.1 million, a 34.1% increase.
* Declared a second quarter distribution of $0.4775 per unit, a 5.5% increase
over the current quarterly distribution of $0.4525 per unit.
Second Quarter 2013 Results
Net income for the second quarter of 2013 totaled $5.5 million or $0.36 per
common unit. For the quarter, EBITDA totaled $14.1 million, Adjusted EBITDA
totaled $14.9 million and Distributable Cash Flow amounted to $11.2 million or
$0.75 per common unit. Please refer to the section included herein under the
heading "Non-GAAP Financial Measures of "EBITDA", "Adjusted EBITDA" and
"Distributable Cash Flow" for a discussion of our use of non-GAAP adjusted
financial information.
"The Partnership posted strong second quarter financial results. We continue to
successfully execute our core strategy, as evident by our financial results and
our recent announcement of two asset acquisitions," said Chairman and CEO Joe
Topper. "I am also pleased to announce our $0.025 per unit quarterly
distribution increase, which is our second consecutive quarterly distribution
increase," Topper added.
Total revenue amounted to $487.7 million for the quarter ended June 30, 2013,
consisting of $477.4 million of aggregate revenues from fuel sales, including
revenues from fuel sales to affiliates, and $10.3 million of aggregate rent
income, including rent income from affiliates. The aggregate gross profit from
fuel sales amounted to $12.0 million for the quarter. During the quarter, we
distributed 160.7 million gallons of fuel resulting in a $2.97 average selling
price per gallon and a $0.075 average margin per gallon. For the quarter ended
June 30, 2012, on a pro forma basis, the Partnership distributed 154.0 million
gallons of fuel at an average selling price of $3.09 per gallon and an average
margin of $0.069 per gallon, resulting in a gross profit of $10.7 million. The
increase in gross profit from fuel sales for the second quarter of 2013 relative
to 2012 was due to the higher average fuel margin and higher overall fuel volume
for the second quarter of 2013 relative to 2012. The increase in fuel volume
was primarily due to the Express Lane acquisition completed in the fourth
quarter of 2012 and, to a lesser extent, sites associated with the Getty leases
signed during the second quarter of 2012 and subsequent Getty lease sites
acquired later in the year, offset primarily by marketplace volume declines at
certain sites and, to a lesser extent and on a net basis, certain dealer supply
contracts that did not renew. On a pro forma basis in the second quarter of
2012, the Partnership recorded $5.8 million in rent income. The increase in
rent income in the second quarter of 2013 relative to 2012 is due to the
increased rent associated primarily with the Express Lane and Dunmore
acquisitions completed in the fourth quarter of 2012 and, to a lesser extent,
the Getty leases that commenced during the second quarter of 2012 and certain
Getty leases signed later in 2012.
Total expenses amounted to $479.1 million for the quarter ended June 30, 2013,
including rent expense of $3.9 million, operating expenses of $1.1 million,
depreciation and amortization of $4.9 million, and selling, general and
administrative expenses of $3.8 million. For the quarter ended June 30, 2012,
pro forma total expenses amounted to $472.0 million, including rent expense of
$2.8 million, operating expenses of $0.6 million, depreciation and amortization
of $3.5 million and selling, general and administrative expenses of $2.5
million. The increase in rent expense in the second quarter of 2013 relative to
2012 is due to the increase in leasehold sites, primarily as a result of the
Express Lane acquisition and the Getty leases signed last year. The increase in
operating expenses for the second quarter of 2013 relative to 2012 is due to the
increased number of owned and leased sites relative to the previous year. The
increase in selling, general and administrative expenses in the second quarter
of 2013 relative to 2012 is primarily due to increased professional fees, equity
compensation expense and public company expenses.
Acquisition and Financing Activity
As previously announced, the Partnership entered into two asset purchase
agreements subsequent to the quarter end. On August 1, 2013, the Partnership
entered into an agreement to purchase 30 fee and 4 leasehold sites from Rocky
Top Markets, LLC and Rocky Top Properties, LLC (collectively, "Rocky Top") for
total consideration of $36.9 million, of which $10.7 million will be paid at
closing. The Rocky Top portfolio sites are located in and around the Knoxville,
TN region and along Interstate Highways 40 and 75. The total portfolio sold
34.1 million gallons of motor fuel in 2012. On August 7, 2013, the Partnership
entered into an agreement to purchase 14 fee and 3 leasehold sites from Rogers
Petroleum, Inc. and affiliates ("Rogers") for total consideration of $21.1
million. The Rogers portfolio sites are located in eastern Tennessee, with a
concentration in the Tri-Cities, TN region and along Interstate 81. In 2012,
the sites sold 18.7 million gallons of motor fuel.
"We are excited to enter into the Tennessee market with these two transactions,"
said Chairman and CEO Joe Topper. "We are pleased to be able to acquire such
quality assets and the transactions provide us a solid platform to expand in the
region," Topper further added.
The transactions are expected to close during the third quarter of 2013. The
Partnership intends to fund the transactions from borrowings available under its
credit facility. For a more detailed description of the transactions, please
see the Partnership's Form 8-K filings filed with the Securities and Exchange
Commission on August 2, 2013, and August 8, 2013.
In addition to the transactions above, during the quarter, the Partnership
disposed of five non-core sites previously listed as assets held for sale and
one additional site for total consideration of $2.2 million. The Partnership
also repurchased 4 sites for total consideration of $7.1 million that it had
previously sold in a sale leaseback transaction. Additionally, the Partnership
purchased two sites in Florida for total consideration of $1.6 million that it
had previously operated as leasehold sites and one site in Pennsylvania for $0.7
million.
Credit Facility Expansion and Amendment
As previously announced on May 13, 2013, the Partnership increased the size of
its credit facility by $75 million to $324 million. In addition to the increase
in the facility size, the facility was also amended to modify certain terms of
the agreement to allow for greater leverage and flexibility in regards to
acquisitions. A more detailed description of the credit facility amendment may
be found in the Form 8-K filed on May 13, 2013 with the Securities and Exchange
Commission. As of June 30, 2013, the Partnership had $184.9 million of
outstanding borrowings and $124.5 million available for borrowing, net of
outstanding borrowings and letters of credit, under the Partnership's credit
facility.
Distributions to Unitholders
The Partnership announced today that the Board of Directors of its general
partner approved a 5.5% increase in the Partnership's cash distribution per unit
from the current annual rate of $1.81 per unit ($0.4525 per quarter) to $1.91
per unit ($0.4775 per quarter). The increased distribution represents an annual
distribution rate of 7.1% based on the Partnership's common unit closing price
on August 7, 2013 of $27.00. The new quarterly distribution rate of $0.4775 per
unit commences with the payment of the second quarter cash distribution, payable
on September 3, 2013 to all unitholders of record as of August 23, 2013. In
total, the annual cash distribution per unit has increased 9.1%, or $0.16 per
unit, from the initial annual distribution rate of $1.75 per unit at the time of
the initial public offering in October 2012. In reviewing its distribution
policy, the Board determined that it will continue to evaluate the Partnership's
distribution each quarter. As previously announced, it is the intent of the
Partnership going forward to declare its quarterly cash distribution
concurrently with its earnings release.
Second Quarter Earnings Call
The management team of the Partnership will hold a conference call on Friday,
August 9, 2013 at 9:30 AM EDT to discuss the quarterly results. The dial-in
information for the call is
Live Dial-in Information:
Primary Dial-in #: 877-280-4962
Secondary Dial-in#: 857-244-7319
Participant Passcode: 23068519
Preregistration: No
Replay Dial-in Information
Available From: 8/9/2013 11:30 AM ET
Available To: 9/6/2013 11:59 PM ET
Primary Dial-in #: 888-286-8010
Secondary Dial-in #: 617-801-6888
Participant Passcode: 71192654
About Lehigh Gas Partners LP
Lehigh Gas Partners, headquartered in Allentown, PA, is a leading wholesale
distributor of motor fuels and owner and lessee of real estate used in the
retail distribution of motor fuels. Formed in 2012, Lehigh Gas Partners owns or
leases more than 500 sites in nine states: Pennsylvania, New Jersey, Ohio,
Florida, New York, Massachusetts, Kentucky, New Hampshire and Maine. The
company is affiliated with several major oil brands, including ExxonMobil, BP,
Shell, Chevron, Sunoco and Valero. LGP ranks as one of ExxonMobil's largest
distributors by fuel volume in the United States and in the top 10 for many
additional brands. For additional information, please visit
www.lehighgaspartners.com.
Investor Contact:
Karen Yeakel
Vice President, Investor Relations
Lehigh Gas Partners
610-625-8126
kyeakel(at)lehighgas.com
Forward Looking and Cautionary Statements
This press release and oral statements made regarding the subjects of this
release may contain forward-looking statements, within the meaning of the
Private Securities Litigation Reform Act of 1995, or the Reform Act, which may
include, but are not limited to, statements regarding our plans, objectives,
expectations and intentions and other statements that are not historical facts,
including statements identified by words such as "outlook," "intends," "plans,"
"estimates," "believes," "expects," "potential," "continues," "may," "will,"
"should," "seeks," "approximately," "predicts," "anticipates," "foresees," or
the negative version of these words or other comparable expressions. All
statements addressing operating performance, events, or developments that the
Partnership expects or anticipates will occur in the future, including
statements relating to revenue growth and earnings or earnings per unit growth,
as well as statements expressing optimism or pessimism about future operating
results, are forward-looking statements within the meaning of the Reform Act.
The forward-looking statements are based upon our current views and assumptions
regarding future events and operating performance and are inherently subject to
significant business, economic and competitive uncertainties and contingencies
and changes in circumstances, many of which are beyond our control. The
statements in this press release are made as of the date of this press release,
even if subsequently made available by us on our website or otherwise. We do
not undertake any obligation to update or revise these statements to reflect
events or circumstances occurring after the date of this press release.
Although the Partnership does not make forward-looking statements unless it
believes it has a reasonable basis for doing so, the Partnership cannot
guarantee their accuracy. Achieving the results described in these statements
involves a number of risks, uncertainties and other factors that could cause
actual results to differ materially, including the factors discussed in this
report and those described in the "Risk Factors" section of the Partnership's
Form 10-K filed on March 28, 2013 with the Securities and Exchange Commission as
well as in the Partnership's other filings with the Securities and Exchange
Commission. No undue reliance should be placed on any forward-looking
statements.
Lehigh Gas Partners LP
Consolidated and Pro Forma Statements of Operations
($ in thousands, except per unit amounts)
Lehigh Gas Lehigh Gas
Partners LP Lehigh Gas Partners LP
Lehigh Gas Pro Forma Partners LP Pro Forma
Partners LP for for the Three for the Six for the Six
the Three Month Month Period Month Period Month Period
Period Ending Ending Ending Ending
June 30, 2013 June 30, 2012 June 30, 2013 June 30, 2012
(unaudited) (unaudited) (unaudited) (unaudited)
--------------------------------------------------------------
Revenues:
| |
Revenues from fuel | |
sales 228,719| 293,733 447,023| 564,559
| |
Revenues from fuel | |
sales to | |
affiliates 248,704| 181,449 491,569| 311,255
| |
Rent income 3,833| 2,587 7,185| 5,310
| |
Rent income from | |
affiliates 6,432| 3,215 13,349| 6,000
| |
Revenues from | |
retail merchandise | |
and other -| 4 -| 7
----------------+------------------------------+--------------
Total revenues 487,688| 480,988 959,126| 887,131
| |
Costs and | |
expenses: | |
| |
Cost of revenues | |
from fuel sales 223,665| 285,764 437,943| 551,947
| |
Cost of revenues | |
from fuel sales to | |
affiliates 241,772| 178,726 478,735| 305,930
| |
Rent expense 3,900| 2,788 7,784| 4,836
| |
Operating expenses 1,100| 606 1,910| 1,353
| |
Depreciation and | |
amortization 4,864| 3,546 9,703| 8,082
| |
Selling, general | |
and administrative | |
expenses 3,820| 2,510 7,399| 4,978
| |
Gains on sales of | |
assets, net (47)| (1,892) (47)| (2,973)
----------------+------------------------------+--------------
Total costs and | |
operating expenses 479,074| 472,048 943,427| 874,153
| |
Operating income 8,614| 8,940 15,699| 12,978
| |
Interest expense, | |
net (3,518)| (1,976) (6,907)| (4,249)
| |
Other income, net 593| 347 1,097| 1,065
----------------+------------------------------+--------------
Income from | |
continuing | |
operations before | |
income taxes 5,689| 7,311 9,889| 9,794
| |
Income tax expense | |
from continuing | |
operations (220)| (75) (663)| (150)
----------------+------------------------------+--------------
Income from | |
continuing | |
operations after | |
income taxes 5,469| 7,236 9,226| 9,644
| |
Income from | |
discontinued | |
operations -| 169 -| 309
----------------+------------------------------+--------------
Net income 5,469| 7,405 9,226| 9,953
----------------+------------------------------+--------------
| |
Net income | |
allocated to | |
common units 2,735| 4,613|
| |
Net income | |
allocated to | |
subordinated units 2,734| 4,613|
| |
Net income per | |
common unit - | |
basic and diluted $0.363| $0.613|
| |
Net income per | |
subordinated unit | |
- basic and | |
diluted $0.363| $0.613|
| |
Weighted average | |
limited partners' | |
units outstanding | |
- basic and | |
diluted: | |
| |
Common units 7,526,044| 7,525,952|
| |
Subordinated units 7,525,000| 7,525,000|
Pro Forma Supplemental Operating Metrics - ($ in thousands, except per gallon
amounts)
Lehigh Gas Lehigh Gas Lehigh Gas Lehigh Gas
Partners LP Partners LP Partners LP Partners LP
Three Month Pro Forma Six Month Pro Forma
Period Three Month Period Six Month
Ending Period Ending Ending Period Ending
June 30, 2013 June 30, 2012 June 30, 2013 June 30, 2012
(unaudited) (unaudited) (unaudited) (unaudited)
----------------+-------------------------------+---------------
Revenues from | |
fuel sales 228,719| 293,733 447,023| 564,559
| |
Revenues from | |
fuel sales to | |
affiliates 248,704| 181,449 491,569| 311,255
----------------+-------------------------------+---------------
Revenues from | |
fuel sales - | |
aggregate 477,423| 475,182 938,592| 875,814
| |
Cost of revenues | |
from fuel sales 223,665| 285,764 437,943| 551,947
| |
Cost of revenues | |
from fuel sales | |
to affiliates 241,772| 178,726 478,735| 305,930
----------------+-------------------------------+---------------
Cost of revenues | |
from fuel sales | |
- aggregate 465,437| 464,490 916,678| 857,877
| |
| |
| |
Gross profit | |
from fuel sales | |
- aggregate 11,986| 10,692 21,914| 17,937
| |
| |
| |
Volume of | |
gallons | |
distributed (in | |
millions) 160.7| 154.0 310.4| 283.4
| |
Selling price | |
per gallon $2.971| $3.086 $3.024| $3.090
| |
Margin per | |
gallon $0.075| $0.069 $0.071| $0.063
| |
| |
| |
Capital | |
Expenditures - | |
Maintenance 662| 118 745| 805
| |
Capital | |
Expenditures - | |
Expansion 3,224| - 3,384| 500
| |
Site Count
As of June 30, 2013, we distributed motor fuels to 713 sites in the following
classes of business:
· 209 sites operated by Independent Dealers;
· 307 sites owned or leased by us and operated by LGO;
· 197 sites owned or leased by us and operated by Lessee Dealers.
In addition, we distribute motor fuels to eight sub-wholesalers who distribute
to additional sites (in prior quarters, we included an estimate of the number of
sites to which sub-wholesalers distribute).
Lehigh Gas Partners LP
Condensed Consolidated Balance Sheet
($ in thousands)
(unaudited)
June 30, 2013 December 31, 2012
------------------------------------
Assets
Current assets:
Cash and cash equivalents 463 4,768
Accounts receivable, net 6,039 5,741
Accounts receivable from affiliates 18,755 8,112
Other current assets 2,488 4,353
------------------------------------
Total current assets 27,745 22,974
Property and equipment, net 240,036 243,022
Intangible assets, net 33,033 35,602
Deferred financing fees, net and other 11,339 10,617
assets
Goodwill 5,636 5,636
------------------------------------
Total assets 317,789 317,851
------------------------------------
Liabilities and partners' capital
Current liabilities:
Lease financing obligations, current 2,533 2,187
portion
Accounts payable 22,821 16,279
Motor fuel taxes payable 6,929 9,455
Income taxes payable 523 342
Accrued expenses and other current 5,544 3,890
liabilities
------------------------------------
Total current liabilities 38,350 32,153
Long-term debt 185,856 183,751
Lease financing obligations 67,410 73,793
Other long-term liabilities 13,629 13,609
------------------------------------
Total liabilities 305,245 303,306
Partners' capital 12,544 14,545
------------------------------------
Total liabilities and partners' 317,789 317,851
capital
------------------------------------
Non-GAAP Financial Measures of "EBITDA", "Adjusted EBITDA" and "Distributable
Cash Flow"
(Presented on an Actual and / or Pro Forma Basis)
We use the non-GAAP financial measures (computed on an actual and pro forma
basis) of "EBITDA", "Adjusted EBITDA" and "Distributable Cash Flow" in this
press release. EBITDA represents net income before deducting interest expense,
income taxes and depreciation and amortization. Adjusted EBITDA represents
EBITDA as further adjusted to exclude gains or losses on sales of assets and
certain non-cash items as deemed appropriate by management. Distributable Cash
Flow represents Adjusted EBITDA less cash interest expense, maintenance capital
expenditures and income tax expense.
EBITDA, Adjusted EBITDA and Distributable Cash flow are used as supplemental
financial measures by management and by external users of our financial
statements, such as investors and lenders. EBITDA and Adjusted EBITDA are used
to assess our financial performance without regard to financing methods, capital
structure or income taxes and to assess our ability to incur and service debt
and to fund capital expenditures. In addition, Adjusted EBITDA is used to
assess the operating performance of our business on a consistent basis by
excluding the impact of sales of our assets which do not result directly from
our wholesale distribution of motor fuel and our leasing of real property.
EBITDA, Adjusted EBITDA and Distributable Cash Flow are used to assess our
ability to generate cash sufficient to make distributions to our unit-holders.
We believe the presentation of EBITDA, Adjusted EBITDA and Distributable Cash
Flow provides useful information to investors in assessing our financial
condition and results of operations. EBITDA, Adjusted EBITDA and Distributable
Cash Flow should not be considered alternatives to net income, net cash flows
provided by operating activities or any other measure of financial performance
or liquidity presented in accordance with GAAP. EBITDA, Adjusted EBITDA and
Distributable Cash Flow have important limitations as analytical tools because
they exclude some but not all items that affect net income and net cash flows
provided by operating activities. Additionally, because EBITDA, Adjusted EBITDA
and Distributable Cash Flow may be defined differently by other companies in our
industry, our definitions may not be comparable to similarly titled measures of
other companies, thereby diminishing their utility.
The following tables present reconciliations of both actual and pro forma
EBITDA, actual and pro forma Adjusted EBITDA, and actual and pro forma
Distributable Cash Flow to actual and pro forma net income for each of the
periods indicated.
Reconciliation of Net Income to EBITDA and Adjusted EBITDA ($ in thousands)
Pro Forma Pro Forma
Actual Three Three Months Actual Six Six Months
Months Ended Ended Months Ended Ended
June 30, 2013 June 30, 2012 June 30, 2013 June 30, 2012
(unaudited) (unaudited) (unaudited) (unaudited)
-----------------+-------------------------------+-------------
Net income 5,469| 7,405 9,226| 9,953
| |
Plus: | |
| |
Depreciation and | |
amortization 4,864| 3,546 9,703| 8,082
| |
Income tax | |
expense 220| 75 663| 150
| |
Interest expense, | |
net 3,518| 1,976 6,907| 4,249
-----------------+-------------------------------+-------------
EBITDA 14,071| 13,002 26,499| 22,434
| |
Plus: Non-cash | |
equity | |
compensation 873| - 1,069| -
| |
Less: Gains on | |
sales of assets, | |
net (47)| (1,892) (47)| (2,973)
-----------------+-------------------------------+-------------
Adjusted EBITDA 14,897| 11,110 27,521| 19,461
-----------------+-------------------------------+-------------
Computation of Distributable Cash Flow ($ in thousands)
Actual
Three Months Actual
Ended Six Months Ended
June 30, 2013 June 30, 2013
(unaudited) (unaudited)
-----------------------------------
Adjusted EBITDA 14,897 27,521
Less:
Cash interest expense (2,791) (5,551)
Maintenance capital expenditures (662) (745)
Income tax expense (220) (663)
-----------------------------------
Distributable Cash Flow 11,224 20,562
-----------------------------------
Pro Forma Financial Results
As presented herein in this press release, the (unaudited) pro forma financial
statements of the Partnership are derived from the historical combined financial
statements as of and for the period January 1, 2012 to June 30, 2012 and have
been prepared to give effect to formation of the Partnership, the contribution
of certain assets, liabilities, and / or equity interests of the Lehigh Gas
Entities (Predecessor) to the Partnership, the new Partnership credit facility
agreement, the Offering, and the use of proceeds from the Offering and related
transactions.
The (unaudited) pro forma statement of operations gives effect to the
adjustments as if they had occurred beginning January 1, 2012 for the period
January 1, 2012 to June 30, 2012. As more fully discussed below, the pro forma
adjustments are based upon currently available information and certain estimates
and assumptions; therefore, actual adjustments will differ from the pro forma
adjustments.
In connection with the Offering, certain assets, liabilities, and / or equity
interests of the Predecessor were contributed to the Partnership, and the
Partnership began providing wholesale fuel distribution services for LGO, an
affiliate of the Predecessor, and other, unrelated third-party customers. The
assets, liabilities and results of operations of the Predecessor for periods
prior to their actual contribution to the Partnership are presented as the
Predecessor.
The (unaudited) pro forma financial statements of the Partnership should be read
together with the historical combined financial statements of the Predecessor
and the consolidated financial statements of the Partnership included in our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 and the Annual
Report on Form 10-K for the year ended December 31, 2012, as filed with the U.S.
Securities and Exchange Commission. The (unaudited) pro forma financial
statements of the Partnership were derived by making certain adjustments to the
historical combined financial statements of the Predecessor for the periods
January 1, 2012 to June 30, 2012. As noted above, the pro forma adjustments are
based on currently available information and certain estimates and assumptions;
therefore, the actual adjustments may differ from the pro forma adjustments.
However, management believes the estimates and assumptions provide a reasonable
basis for presenting the significant effects of the transactions (as discussed
below). Management also believes the pro forma adjustments give appropriate
effect to those estimates and assumptions and that they are properly applied in
the (unaudited) pro forma financial statements. The (unaudited) pro forma
financial statements are not necessarily indicative of the results that actually
would have occurred if the Partnership had assumed the operations of the
Predecessor on the dates indicated nor are they indicative of future results, in
part because of the exclusion of various operating expenses.
The unaudited pro forma combined financial statements principally include the
following transactions:
* The contribution to the Partnership by the Predecessor of substantially all
of its wholesale motor fuel distribution business, other than certain assets
that do not fit our strategic or geographic plans, environmental
indemnification assets, environmental liabilities, and certain other assets
and liabilities;
* The contribution to the Partnership by the Predecessor of certain owned and
leased properties;
* The issuance and sale by the Partnership of 6,900,000 common units to the
public, at $20.00 per common unit, with net proceeds to the Partnership of
$125.7 million, after deducting the underwriters' discount of 6.5% and a
structuring fee of 0.5% (from the $20.00 per common unit offering price) and
$2.6 million of offering expenses;
* The payment by the Partnership of an aggregate of $6.8 million of
transaction costs related to the offering and the new credit facility;
* The Partnership's entry into a new credit facility agreement with a
revolving credit facility, which was drawn in part upon the closing of the
Offering; and,
* U.S. federal and state income tax incurred by a taxable wholly-owned
subsidiary of the Partnership.
PDF Version LGP 2Q 2013 Earnings Release Final :
http://hugin.info/154758/R/1722153/573691.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Lehigh Gas Partners LP via Thomson Reuters ONE
[HUG#1722153]
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Datum: 08.08.2013 - 22:31 Uhr
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