Subsequent Events |
12 Months Ended | ||||||
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Dec. 31, 2016 | |||||||
| Subsequent Events [Abstract] | |||||||
| Subsequent Events |
Conversion of Subordinated Units Pursuant to the terms of the partnership agreement, upon payment of the cash distribution on February 14, 2017, and meeting certain distribution and performance tests, the subordination period for the Partnership's subordinated units expired on February 16, 2017. With the expiration of the subordination period, all 10,071,970 subordinated units converted into common units on one-for-one basis. Global Natural Gas & Power Acquisition On February 1, 2017, the Partnership purchased the natural gas marketing and electricity brokering business of Global Partners LP ("Global Natural Gas & Power") for $17.3 million, not including the purchase of natural gas inventory, assumption of derivative liabilities and other adjustments. Consideration paid was $16.1 million, is subject to adjustment, and was financed with borrowings under the Partnership's credit agreement. This business serves approximately 4,000 commercial, industrial, municipal and institutional customer locations in the Northeast United States with approximately 8 billion cubic feet of natural gas and 1 billion kWh of electricity annually. The Partnership is in the process of determining the purchase price allocation related to the acquisition. L.E. Belcher Terminal Acquisition On February 1, 2017, the Partnership purchased the Springfield, Massachusetts refined product terminal assets of Leonard E. Belcher, Incorporated (“L.E. Belcher”) for approximately $20.0 million, not including the purchase of inventory and other adjustments. Consideration paid was $20.7 million, is subject to adjustments, and was financed with borrowings under the Partnership's credit agreement. The purchase consists of two pipeline-supplied distillate terminals and one distillate storage facility with a combined capacity of 295,000 barrels, as well as L.E. Belcher’s associated wholesale and commercial fuels businesses. The Partnership is in the process of determining the purchase price allocation related to the acquisition. Capital Terminal Acquisition On February 10, 2017, the Partnership purchased the East Providence, Rhode Island refined product terminal of Capital Terminal Company (the “Capital Terminal”) for $23.0 million, not including other purchase adjustments. Consideration paid was $22.0 million, is subject to adjustments, and was financed with borrowings under the Partnership's credit agreement. The Partnership is in the process of determining the purchase price allocation related to the acquisition. The terminal’s distillate storage capacity of 1.0 million barrels had been leased by the Partnership since April 2014 and was previously included in the Partnership’s total storage capacity. |
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