Statement of Changes in Beneficial Ownership (4)
October 06 2022 - 06:38PM
Edgar (US Regulatory)
FORM 4
[ ] Check this box if no longer subject to Section
16. Form 4 or Form 5 obligations may continue. See
Instruction 1(b).
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL
OWNERSHIP OF SECURITIES
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OMB
APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5 |
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Filed pursuant to Section 16(a) of the
Securities Exchange Act of 1934 or Section 30(h) of the Investment
Company Act of 1940
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1. Name
and Address of Reporting Person * USD
GROUP LLC |
2. Issuer Name and Ticker or Trading
Symbol USD Partners LP [ USDP ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)__X__
Director __X__
10% Owner
_____ Officer (give title
below) _____ Other
(specify below)
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(Last)
(First)
(Middle)
811 MAIN STREET, SUITE 2800 |
3. Date of Earliest Transaction (MM/DD/YYYY)
4/6/2022
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(Street)
HOUSTON, TX 77002
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
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6. Individual or Joint/Group Filing
(Check Applicable Line) ___
Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting
Person |
Table I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
|
1.Title of Security
(Instr. 3) |
2. Trans. Date |
2A. Deemed Execution Date, if any |
3. Trans. Code
(Instr. 8) |
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) |
5. Amount of Securities Beneficially Owned Following
Reported Transaction(s)
(Instr. 3 and 4) |
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4) |
7. Nature of Indirect Beneficial Ownership (Instr.
4) |
Code |
V |
Amount |
(A) or (D) |
Price |
COMMON UNITS (LIMITED PARTNER
INTERESTS) |
4/6/2022 |
|
J(1) |
|
5751136 |
A |
$0 |
17308226 |
I |
See Footnotes (2)(3) |
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
|
1. Title of Derivate Security
(Instr. 3) |
2. Conversion or Exercise Price of Derivative
Security |
3. Trans. Date |
3A. Deemed Execution Date, if any |
4. Trans. Code
(Instr. 8) |
5. Number of Derivative Securities Acquired (A) or
Disposed of (D)
(Instr. 3, 4 and 5) |
6. Date Exercisable and Expiration Date |
7. Title and Amount of Securities Underlying
Derivative Security
(Instr. 3 and 4) |
8. Price of Derivative Security
(Instr. 5) |
9. Number of derivative Securities Beneficially
Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct
(D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr.
4) |
Code |
V |
(A) |
(D) |
Date Exercisable |
Expiration Date |
Title |
Amount or Number of Shares |
Explanation of
Responses: |
(1) |
On April 6, 2022, USD
Partners LP (the Partnership) and certain of its subsidiaries
(together with the Partnership, the Acquiring Entities) completed
the acquisition of equity interests in certain subsidiaries of USD
Group LLC (USD Group) that own 100% of the Hardisty South Terminal
(the Acquisition). Upon the closing of the Acquisition, the
Partnership and USD Partners GP LLC, the general partner of the
Partnership (the GP), completed the cancellation of the incentive
distribution rights (IDRs) held by the GP, and the conversion of
the GP's approximate 1.6% economic general partner interest in the
Partnership into a non-economic general partner interest (the
GP/IDR Restructuring and, together with the Acquisition, the
Transactions).The total consideration for the Transactions was $75
million in cash plus 5,751,136 newly issued common units
representing limited partner interests in the Partnership (the
Common Units) that were issued to USD Group. |
(2) |
US Development Group, LLC
(USD) is the parent company of USD Group, which is the sole owner
of the membership interests of USD Partners GP LLC, the Issuer's
general partner. USD manages USD Group. ECP ControlCo, LLC (ECP
ControlCo) is the managing member of Energy Capital Partners III,
LLC (ECP), which is the general partner of Energy Capital Partners
GP III, LP (ECP GP), which is the general partner of each of Energy
Capital Partners III, LP (ECP III), Energy Capital Partners III-A,
LP (ECP-A), Energy Capital Partners III-B (USD IP), LP (ECP-B), and
Energy Capital Partners III-C (USD IP), LP ((ECP-C) and together
with ECP III,ECP-A and ECP-B, the "ECP Funds"). As a result, ECP
ControlCo, ECP and ECP GP have voting and investment control over
the securities owned by the ECP Funds. USD Holdings, LLC (USD
Holdings) and the ECP Funds are members of USD and, with ECP and
ECP ControlCo, may be deemed to indirectly beneficially own the
limited partner interests beneficially owned by USD. |
(3) |
Following the transactions
reported herein, USD Group directly holds 17,308,226 common units
representing 51.9% of the common units and 51.9% of the limited
partnership interests in the Issuer. USD Holdings is a 45.5% member
of USD, and may therefore be deemed to indirectly beneficially own
7,875,243 common units, representing 45.5% of the limited
partnership interests held by USD Group. ECP ControlCo, ECP, ECP GP
and the ECP Funds collectively hold 49.2% of the membership
interest in USD, and may therefore be deemed to indirectly
beneficially own 8,515,647 common units, representing 49.2% of the
limited partnership interests held by USD Group. |
Reporting
Owners
|
Reporting Owner Name / Address |
Relationships
|
Director |
10% Owner |
Officer |
Other |
USD GROUP LLC
811 MAIN STREET, SUITE 2800
HOUSTON, TX 77002 |
X |
X |
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US DEVELOPMENT GROUP, LLC
811 MAIN STREET, SUITE 2800
HOUSTON, TX 77002 |
X |
X |
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USD HOLDINGS LLC
811 MAIN STREET, SUITE 2800
HOUSTON, TX 77002 |
X |
X |
|
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ECP ControlCo, LLC
40 BEECHWOOD ROAD
SUMMIT, NJ 07901 |
X |
X |
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ENERGY CAPITAL PARTNERS III, LLC
40 BEECHWOOD ROAD
SUMMIT, NJ 07901 |
X |
X |
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Energy Capital Partners GP III, LP
40 BEECHWOOD ROAD
SUMMIT, NJ 07901 |
X |
X |
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ENERGY CAPITAL PARTNERS III, LP
40 BEECHWOOD ROAD
SUMMIT, NJ 07901 |
|
X |
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ENERGY CAPITAL PARTNERS III-A, LP
40 BEECHWOOD ROAD
SUMMIT, NJ 07901 |
X |
X |
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ENERGY CAPITAL PARTNERS III-B (USD IP), LP
40 BEECHWOOD ROAD
SUMMIT, NJ 07901 |
X |
X |
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ENERGY CAPITAL PARTNERS III-C (USD IP), LP
40 BEECHWOOD ROAD
SUMMIT, NJ 07901 |
X |
X |
|
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Signatures
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/s/Adam Altsuler, Chief Financial Officer, USD
Group LLC |
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10/6/2022 |
**Signature of
Reporting Person |
Date |
/s/ Adam Altsuler, Chief Financial Officer, US
Development Group, LLC |
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10/6/2022 |
**Signature of
Reporting Person |
Date |
USD Holdings LLC; By: /s/ Michael R: Curry,
Manager |
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10/6/2022 |
**Signature of
Reporting Person |
Date |
ECP ControlCo, LLC By: /s/ Chris Leininger,
General Counsel |
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10/6/2022 |
**Signature of
Reporting Person |
Date |
Energy Capital Partners III, LLC By: ECP
ControlCo, LLC, its managing member By: /s/ Chris Leininger,
General Counsel |
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10/6/2022 |
**Signature of
Reporting Person |
Date |
Energy Capital Partners GP III, LP By: Energy
Capital Partners III, LLC, its general partner By: ECP ControlCo,
LLC, its managing member By: /s/ Chris Leininger, General
Counsel |
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10/6/2022 |
**Signature of
Reporting Person |
Date |
Energy Capital Partners III, LP By: Energy
Capital Partners GP III, LP, its general partner By: Energy Capital
Partners III, LLC, its general partner By: ECP ControlCo, LLC, its
managing member By: /s/ Chris Leininger, General
Counsel |
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10/6/2022 |
**Signature of
Reporting Person |
Date |
Energy Capital Partners III-A, LP By: Energy
Capital Partners GP III, LP, its general partner By: Energy Capital
Partners III, LLC, its general partner By: ECP ControlCo, LLC, its
managing member By: /s/ Chris Leininger, General
Counsel |
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10/6/2022 |
**Signature of
Reporting Person |
Date |
Energy Capital Partners III-B (USD IP), LP By:
Energy Capital Partners GP III, LP, its general partner By: Energy
Capital Partners III, LLC, its general partner By: ECP ControlCo,
LLC, its managing member By: /s/ Chris Leininger, General
Counsel |
|
10/6/2022 |
**Signature of
Reporting Person |
Date |
Energy Capital Partners III-C (USD IP), LP By:
Energy Capital Partners GP III, LP, its general partner By: Energy
Capital Partners III, LLC, its general partner By: ECP ControlCo,
LLC, its managing member By: /s/ Chris Leininger, General
Counsel |
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10/6/2022 |
**Signature of
Reporting Person |
Date |
Reminder: Report on a separate line for each class
of securities beneficially owned directly or
indirectly. |
* |
If the form is filed by more than one
reporting person, see Instruction 4(b)(v). |
** |
Intentional misstatements or omissions
of facts constitute Federal Criminal Violations. See 18
U.S.C. 1001 and 15 U.S.C. 78ff(a). |
Note: |
File three copies of this Form, one of
which must be manually signed. If space is insufficient, see
Instruction 6 for procedure. |
Persons who respond to the collection of information
contained in this form are not required to respond unless the form
displays a currently valid OMB control number. |
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