OCI Partners LP

CIK:0001578932|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenues	$ 109,758	$ 89,312
Revenues—related party	7,588	3,579
Total Revenue	117,346	92,891
Cost of goods sold (exclusive of depreciation)	49,937	44,888
Cost of goods sold (exclusive of depreciation)—related party	3,721	3,384
Total Cost of goods sold (exclusive of depreciation)	53,658	48,272
Selling, general and administrative expenses	2,844	4,102
Selling, general and administrative expenses—related party	2,260	967
Total Selling, general and administrative expenses	5,104	5,069
Depreciation expense	15,223	15,244
Income from operations before interest expense, other income and income tax expense	43,361	24,306
Interest expense	5,895	5,547
Interest expense—related party	3,468	4,530
Loss on extinguishment of debt	3,501	0
Other expense (income)	6	(19)
Income from operations before tax expense	30,503	14,210
Income tax expense	357	466
Net income	$ 30,146	$ 13,744
Earnings per limited partner unit:
Common unit (basic and diluted) (in USD per share)	$ 0.35	$ 0.16
Weighted average number of limited partner units outstanding:
Common units (basic and diluted) (in shares)	86,997,590	86,997,590

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 30,146	$ 13,744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	15,223	15,244
Amortization of debt issuance costs	508	551
Deferred income tax expense	(18)	326
Loss on extinguishment of debt	3,501	0
Decrease (increase) in:
Accounts receivable	(11,381)	(10,387)
Accounts receivable—related party	4,998	505
Inventories	3,517	(1,001)
Advances due from related parties	108	160
Other non-current assets, other current assets and prepaid expenses	(847)	648
Increase (decrease) in:
Accounts payable	1,597	(4,850)
Accounts payable—related party	(216)	260
Other payables, accruals, and current liabilities	(277)	180
Accrued interest	(2,226)	(378)
Accrued interest—related party	(1,468)	(171)
Net cash provided by operating activities	43,165	14,831
Cash flows from investing activities:
Purchase of property, plant, and equipment	(508)	(1,368)
Net cash used in investing activities	(508)	(1,368)
Cash flows from financing activities:
Proceeds from revolving credit facility	0	62,000
Proceeds from term loan facility	455,000	0
Repayment of revolving credit facility	(16,000)	(30,000)
Repayment of term loan B credit facility	(231,825)	(1,120)
Repayment of term loan facility—related party	(200,000)	0
Repayment of revolving credit facility—related party	0	(35,000)
Debt issuance costs	(8,189)	(136)
Remittance of cash to OCI USA for transferred trade receivables	(9,327)	(112)
Net cash used in financing activities	(10,341)	(4,368)
Net increase in cash and cash equivalents	32,316	9,095
Cash and cash equivalents, beginning of period	16,275	8,080
Cash and cash equivalents, end of period	48,591	17,175
Supplemental cash disclosures:
Cash paid during the period for income taxes	0	0
Cash paid during the period for interest	7,608	5,361
Cash paid during the period for interest—related party	4,936	4,701
Supplemental non-cash disclosures:
Accruals of property, plant and equipment purchases	183	244
Distribution to Unitholders payable	2,523	0
Distribution to Unitholders payable—related party	$ 20,966	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 48,591	$ 16,275
Accounts receivable	43,413	32,032
Accounts receivable—related party	1,505	6,503
Inventories	2,524	6,041
Advances due from related parties	80	188
Other current assets and prepaid expenses	4,823	3,917
Total current assets	100,936	64,956
Property, plant, and equipment, net of accumulated depreciation of $242,273 and $227,050, respectively	543,335	558,206
Other non-current assets	1,468	942
Total assets	645,739	624,104
Current liabilities:
Accounts payable	16,348	14,812
Accounts payable—related party	4,725	14,268
Other payables and accruals	1,415	2,652
Revolving credit facility, net	0	15,977
Current maturities of the term loan facility	4,550	4,480
Accrued interest	176	2,402
Accrued interest—related party	0	1,468
Cash distributions payable	23,489	0
Other current liabilities	2,015	1,150
Total current liabilities	52,718	57,209
Term loan facility, net	442,915	223,428
Term loan facility—related party	0	200,000
Other non-current liabilities	3,128	3,146
Total liabilities	498,761	483,783
Partners’ capital
Common unitholders —86,997,590 issued and outstanding at March 31, 2018 and December 31, 2017	146,978	140,321
General partner’s interest	0	0
Total partners’ capital	146,978	140,321
Total liabilities and partners’ capital	$ 645,739	$ 624,104