Examples of MLP Units in a sentence
Thus, Holland and MHT represented in the Winning Bid Notice that GWGH had committed to pay $550 million in total consideration for the BEN MLP Units held by the PCA Seller Fund Exchange Trusts, which amounted to 110% of the $500 million NAV of the PCA Fund Secondaries, the economic rights to which had already been promised to BEN pursuant to the MHT-BEN Letter Agreement.
The purpose of the CVR Contract was, and is, to protect the PCA Seller Funds if the Auction of the BEN MLP Units failed to occur or to generate at least $500 million in net cash proceeds.
However, the GWGH L-Bonds that were distributed to the PCA Seller Fund Exchange Trusts in the Initial Closing gave GWGH the option to redeem them with any combination of cash, BEN MLP Units, and/or BEN debt.
The Credit Suisse Deck referred to the $250 million in GWGH L-Bonds as “near-term cash” and stated repeatedly that GWGH was obligated under the terms of its winning bid to refinance the L-Bonds within 12 months of the closing of its purchase of the BEN MLP Units.
In early March 2020, the PCA Parties’ representative on BEN’s board discussed the CVR Contract with other BEN directors and a BEN lawyer, including the PCA Parties’ position that a Distribution Trigger event had occurred because BEN had failed to file a Registration Statement for the listing of the BEN MLP Units within two years of the parties’ agreed upon Auction Closing Date.