Note 7 — Partners’ Capital
Summary of Changes in Outstanding Units
The following is a reconciliation of our limited partner units outstanding for the periods indicated:
| Limited Partner Units |
||||
|
Limited partner units outstanding at December 31, 2012 |
— | |||
|
Units issued in exchange for contribution of net assets to OCIP |
60,375,000 | |||
|
Units issued in IPO |
17,500,000 | |||
|
Units issued to OCI USA on expiry of the underwriters’ overallotment option on November 4, 2013 |
2,625,000 | |||
|
|
|
|||
|
Limited partner units outstanding at December 31, 2013 |
80,500,000 | |||
|
|
|
|||
Initial Public Offering
On October 3, 2013, the Partnership priced 17,500,000 common units in its IPO to the public at a price of $18.00 per unit, and on October 4, 2013, the Partnership’s common units began trading on the New York Stock Exchange under the symbol “OCIP.” On October 9, 2013, the Partnership closed its IPO of 17,500,000 common units, and issued 60,375,000 common units to OCI USA. On November 4, 2013, in connection with the expiration of the underwriters’ over-allotment option period, the Partnership issued an additional 2,625,000 common units to OCI USA pursuant to the terms of the underwriting agreement and Contribution Agreement entered into in connection with the IPO. The net proceeds from the IPO of approximately $295,313, after deducting the underwriting discount and the structuring fee, were used to: (i) repay the Term B-1 Loan in the amount of approximately $125,000 and associated accrued interest on the Term B-1 Loan of approximately $1,085 and (ii) provide the Partnership additional cash of approximately $169,228, with the funds to be utilized to fund post-IPO working capital and to pay a portion of the costs of our debottlenecking project and other capital projects incurred after the completion of the IPO. During the year ended December 31, 2013, the Partnership incurred and capitalized $4,266 of costs directly attributable to the IPO. Those costs are recorded as a reduction of partners’ capital in the accompanying consolidated balance sheet as of December 31, 2013.