Filing Details

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

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SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

 

 (Name of Issuer)

 

 (Title of Class of Securities)

 

 (CUSIP Number)

 

 

 

 

1.  This amount includes 31,000,887 Class B Preferred Units, which are convertible into Common Units on a one-for-one basis at any time.

SCHEDULE 13D

 

CUSIP No: 79971C201

Page 3 of 14 Pages

 

1	NAMES OF REPORTING PERSONS
	STONEPEAK CATARINA UPPER HOLDINGS LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS)
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
	☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
			0
		8	SHARED VOTING POWER
			31,209,481 (1)
		9	SOLE DISPOSITIVE POWER
			0
		10	SHARED DISPOSITIVE POWER
			31,209,481 (1)
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	31,209,481 (1)
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	70.2%
14	TYPE OF REPORTING PERSON
	OO, HC

 

 

1.  This amount includes 31,000,887 Class B Preferred Units, which are convertible into Common Units on a one-for-one basis at any time.

 

1.  This amount includes 31,000,887 Class B Preferred Units, which are convertible into Common Units on a one-for-one basis at any time.

SCHEDULE 13D

 

CUSIP No: 79971C201

Page 5 of 14 Pages

 

1	NAMES OF REPORTING PERSONS
	STONEPEAK ASSOCIATES LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS)
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
	☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
			0
		8	SHARED VOTING POWER
			31,209,481 (1)
		9	SOLE DISPOSITIVE POWER
			0
		10	SHARED DISPOSITIVE POWER
			31,209,481 (1)
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	31,209,481 (1)
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	70.2%
14	TYPE OF REPORTING PERSON
	OO, HC

 

1.  This amount includes 31,000,887 Class B Preferred Units, which are convertible into Common Units on a one-for-one basis at any time.

 

1.  This amount includes 31,000,887 Class B Preferred Units, which are convertible into Common Units on a one-for-one basis at any time.

SCHEDULE 13D

 

CUSIP No: 79971C201

Page 7 of 14 Pages

 

1	NAMES OF REPORTING PERSONS
	STONEPEAK GP INVESTORS LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS)
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
	☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
			0
		8	SHARED VOTING POWER
			31,209,481 (1)
		9	SOLE DISPOSITIVE POWER
			0
		10	SHARED DISPOSITIVE POWER
			31,209,481 (1)
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	31,209,481 (1)
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	70.2%
14	TYPE OF REPORTING PERSON
	OO, HC

 

 

1.  This amount includes 31,000,887 Class B Preferred Units, which are convertible into Common Units on a one-for-one basis at any time.

 

1.  This amount includes 31,000,887 Class B Preferred Units, which are convertible into Common Units on a one-for-one basis at any time.

SCHEDULE 13D

 

CUSIP No: 79971C201

Page 9 of 14 Pages

 

1	NAMES OF REPORTING PERSONS
	MICHAEL DORRELL
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS)
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
	☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	United States of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
			0
		8	SHARED VOTING POWER
			31,209,481 (1)
		9	SOLE DISPOSITIVE POWER
			0
		10	SHARED DISPOSITIVE POWER
			31,209,481 (1)
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	31,109,481 (1)
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	70.2%
14	TYPE OF REPORTING PERSON
	IN, HC

 

1.  This amount includes 31,000,887 Class B Preferred Units, which are convertible into Common Units on a one-for-one basis at any time.

SCHEDULE 13D

 

Page 11 of 14 Pages

 

This Amendment No. 2 to Schedule 13D (“Amendment No. 2”) is being filed by the undersigned, pursuant to §240.13d-2(a), with respect to the Common Units (the “Common Units”) of Sanchez Production Partners LP (the “Issuer”) that the Reporting Persons are deemed to beneficially own directly and through ownership of Class B Preferred Units (“Preferred Units”) of the Issuer.  The Issuer’s principal executive offices are located at 1000 Main Street, Suite 3000, Houston, Texas 77002.  This Amendment No. 2 amends and supplements the statement on the Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) on October 26, 2015, as amended by Amendment No. 1, filed with the SEC on January 27, 2017 (collectively the “Schedule 13D”).  Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Schedule 13D.   Capitalized terms used herein and not otherwise defined in this Amendment No. 2 have the meanings set forth in the Schedule 13D.

Item 4 of the Schedule 13D is hereby amended by adding the following:

At the election of the Board, and with the consent of Stonepeak Catarina Holdings LLC, the Issuer has elected to pay a portion of the fourth quarter 2016 distribution on the Preferred Units in the form of 208,594 unregistered Common Units (the “Subject Common Units”).  The Subject Common Units are payable on February 28, 2017 to Preferred Unit holders of record on February 20, 2017.  Stonepeak Catarina Holdings LLC was the only Preferred Unit holder of record on February 20, 2017.

 

Item 5 of the Schedule 13D is hereby amended by adding the following:

The foregoing beneficial ownership percentages are based on 44,462,925 Common Units outstanding, which is the sum of the 13,253,444 Common Units reported as outstanding as of November 22, 2016, upon closing of an offering and private placement described by the Issuer in a prospectus on Form 424B4 filed November 18, 2016 plus, for purposes of calculating beneficial ownership pursuant to Rule 13d-3(d)(1)(i) under the Act, the 208,594 Common Units issuable in connection with the fourth quarter 2016 distribution on the Preferred Units beneficially owned by the Reporting Persons and the 31,000,887 Common Units issuable upon the conversion of the Preferred Units beneficially owned by the Reporting Persons.

(b)  The Reporting Persons have shared voting power and shared dispositive power with regard to the 31,209,481 Common Units reported herein, including the 31,000,887 Common Units obtainable upon conversion of the 31,000,887 Preferred Units.

(c)  Other than as described in this Amendment No. 2, there were no transactions in Preferred Units or Common Units by the Reporting Persons since the filing of Amendment No. 1 on January 27, 2017.

(e) This Item 5(e) is not applicable.

SCHEDULE 13D

 

Page 12 of 14 Pages

In consideration for Stonepeak Catarina Holdings LLC accepting the Subject Common Units, the Issuer agreed to, among other things: (x) by no later than the close of business on the second business day following the date on which the Issuer files its annual report on Form 10-K for the year ended December 31, 2016, file a registration statement on Form S-3 with the SEC to register the resale by Stonepeak Catarina Holdings LLC and its affiliates of the Subject Common Units; (y) undertake commercially reasonable efforts to have such registration statement declared effective by no later than April 14, 2017; and (z) prepare and file a supplemental listing application with the NYSE MKT to list the Subject Common Units by no later than March 10, 2017.

 

Page 13 of 14 Pages

 

 

SCHEDULE 13D

 

Page 14 of 14 Pages

 

 

	STONEPEAK GP HOLDINGS LP
	By:	STONEPEAK GP INVESTORS LLC, its general partner
	By:	STONEPEAK GP INVESTORS MANAGER LLC, its managing member
	By:	/s/ Michael Dorrell
	Name:	Michael Dorrell
	Title:	Managing Member

 

 

	STONEPEAK GP INVESTORS LLC
	By:	STONEPEAK GP INVESTORS MANAGER LLC, its managing member
	By:	/s/ Michael Dorrell
	Name:	Michael Dorrell
	Title:	Managing Member

 

 

	STONEPEAK GP INVESTORS MANAGER LLC
	By:	/s/ Michael Dorrell
	Name:	Michael Dorrell
	Title:	Managing Member