The purchase price represented a 9.7% premium to the trailing 30-day volume weighted average price of the common units on the day of the announcement.
The Class B units pay is quarterly distributions of $0.21375 per unit, representing an annualized distribution of 9.5%, except for the period from May 22, 2012 through June 30, 2012 where the payment is $0.26736 per unit.
The partners in the transaction cannot sell or transfer during 120-day lockup period. The board of directors for the partnership unanimously approved the terms of this transaction which was completed on May 23, 2012.
In connection with the issuance of the Class B units, the partnership executed amendments to its three credit facilities and prepaid debt of $149.6 million, also utilizing part of its cash balances.
We are also pleased to announce that the Multi Tanker Avax has extended its charter with us (and also) Capital Maritime by a period of 12 months at a gross rate of $14,000 per day.
The Multi Tanker Avax was – has also entered into a new charter with our sponsor Capital Maritime for a period of 12 months at the same rate. The Avax delivery for each of the Avax (inaudible) under these charters is expected to be April 2013 and May 2013 respectively.
Both transactions were unanimously approved by the conference committee of our board of directors.
As of the end of the first quarter, the average remaining charter duration of the partnership stands at 4.7 years with 87% of the remaining 2012 total free days having secured charter coverage.
Turning to Slide 2, total revenues for the quarter were $37.8 million compared with $27.9 million in the second quarter of 2011. The partnership’s revenues reflect increased fleet size following the acquisition of crude carriers in September 2011 and the $1.1 million in profit sharing generated by our charters in a number of our crude vessels.
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