As a result of the recapitalization in connection with the IPO, the number of units outstanding was adjusted on a retroactive basis, which is reflected in the table below:
| Preferred Units | Limited Partner Common Units |
Limited Partner Subordinated Units |
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Units outstanding at December 31, 2011 |
— | 80,302 | 6,022,655 | |||||||||
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Units outstanding at December 31, 2012 |
— | 80,302 | 6,022,655 | |||||||||
|
Issuance of preferred units |
1,500,000 | — | — | |||||||||
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Contribution of preferred units (1) |
(1,500,000 | ) | 779 | 58,426 | ||||||||
|
Issuance of common units |
— | 6,786,869 | — | |||||||||
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Units outstanding at December 31, 2013 |
— | 6,867,950 | 6,081,081 | |||||||||
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| (1) | GCAC contributed its preferred units in Arc Terminals LP in exchange for 779 common units and 58,426 subordinated units in the Partnership and $29.8 million in cash. |