Subsequent Event |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||
| Subsequent Events [Abstract] | |||||||
| Subsequent Event |
On February 1, 2016, the Partnership purchased the natural gas assets of Santa Buckley Energy, Inc. (“SBE”) for $17.5 million, not including the purchase of natural gas inventory, utility security deposits, and other adjustments. Total consideration at closing was $29.1 million. SBE markets natural gas to commercial, industrial and municipal consumers in the Northeast United States. The acquisition will be accounted for as a business combination and was financed with borrowings under the Partnership’s credit facility. On March 10, 2016, the Partnership entered into an amendment to its Credit Agreement to increase the acquisition facility from $400.0 million to $550.0 million. In addition, the Partnership executed an amendment to make modifications to borrowing base calculations which reflect the increased use of certain forward contracts and changes to accommodate payment patterns of customers in certain markets from its recent acquisitions. Other changes were made to reflect the new form of ownership of one of the Partnership's Canadian subsidiaries, and a change to the Senior Secured Leverage covenant to allow for an increase in leverage for a period of time following material acquisitions. |
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