Sec Form 13D Filing - ARG Private Equity LLC filing for USA Compression Partners LP (USAC) - 2018-08-27

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D
(Amendment No. 4)*

Under the Securities Exchange Act of 1934
 
USA COMPRESSION PARTNERS, LP
(Name of Issuer)

Common Units
(Title of Class of Securities)

90290N109
(CUSIP Number)

H. Steven Walton
Frederic Dorwart, Lawyers PLLC
124 East Fourth Street
Tulsa, Oklahoma 74103
(918) 583-9922
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)

August 17, 2018
(Date of Event Which Requires Filing of this Statement)
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 


1
NAMES OF REPORTING PERSON
 
 
Argonaut Private Equity, L.L.C.
 
 
 
 
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)
 
 
OO
 
 
 
 
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 
 
 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
Oklahoma
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
1,945,536.003
 
 
 
 
8
SHARED VOTING POWER
 
 
0
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
1,945,536.003
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
0
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
1,945,536.003
 
 
 
 
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
2.16%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
OO
 
 
 
 
 
2

1
NAMES OF REPORTING PERSON
 
 
Don P. Millican
 
 
 
 
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)
 
 
OO
 
 
 
 
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
 
 
1,945,536.003
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
1,945,536.003
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
1,945,536.003
 
 
 
 
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
2.16%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 
 
3

1
NAMES OF REPORTING PERSON
 
 
Frederic Dorwart
 
 
 
 
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)
 
 
OO
 
 
 
 
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
 
 
7,425
 
 
 
 
8
SHARED VOTING POWER
 
 
1,945,536.003
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
7,425
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
1,945,536.003
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
1,952,961.003
 
 
 
 
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
2.17%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 
 
4

1
NAMES OF REPORTING PERSON
 
 
Ken Kinnear
 
 
 
 
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)
 
 
OO
 
 
 
 
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
 
 
2,970
 
 
 
 
8
SHARED VOTING POWER
 
 
1,945,536.003
 
 
 
 
9
SOLE DISPOSITIVE POWER
< div style="text-align: left"> 
 
2,970
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
1,945,536.003
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
1,948,506.003
 
 
 
 
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
2.17%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 
 
5

1
NAMES OF REPORTING PERSON
 
 
George B. Kaiser
 
 
 
 
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)
 
 
OO
 
 
 
 
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
 
 
7,425
 
 
 
 
8
SHARED VOTING POWER
 
 
1,945,536.003
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
7,425
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
1,945,536.003
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
1,952,961.003
 
 
 
 
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
2.17%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 
 
6

1
NAMES OF REPORTING PERSON
 
 
Robert Waldo
 
 
 
 
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)
 
 
OO
 
 
 
 
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
 
 
12,142.761
 
 
 
 
8
SHARED VOTING POWER
 
 
1,945,536.003
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
12,142.761
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
1,945,536.003
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
1,957,678.764
 
 
 
 
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
2.18%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 
 
7

Item 1.
Security and Issuer

Item 1 is hereby amended by deleting Item 1 of the Initial 13D in its entirety and replacing it with the following:

The Schedule 13D filed with the Securities and Exchange Commission on September 6, 2013 by the Reporting Persons (defined below) with respect to the common units (the “Common Units”), of USA Compression Partners, LP (the “Issuer” or the “Company”), amended on May 29, 2014 (“Amendment No. 1”), amended on May 29, 2017 (“Amendment No. 2”), and amended on May 25, 2018 (“Amendment No. 3”) is hereby amended by this Amendment No. 4 to furnish the additional information set forth herein. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Initial 13D.  The principal executive office address of the Issuer is 100 Congress Avenue, Suite 450, Austin, Texas 78701.

Item 3.
Source and Amount of Funds or Other Consideration

Item 3 is hereby amended by deleting Item 3 of Amendment No. 3 in its entirety and replacing it with the following:

·
As of the date hereof, Argonaut owns 1,945,536.003Common Units. Argonaut’s consideration for 6,615,766 of the Common Units was the sale of certain assets of S&R Compression, LLC (“S&R”) as described in Item 4, and additional Common Units were acquired pursuant to the Issuer’s Distribution Reinvestment Plan and through open market transactions.

·
As of the date hereof, Mr. Millican owns 0 Common Units. Mr. Millican’s consideration for the Common Units was the sale of certain assets of S&R as described in Item 4.

·
As of the date hereof, Mr. Dorwart owns 7,425 Common Units. Mr. Dorwart’s consideration for the Common Units was the sale of certain assets of S&R as described in Item 4.

·
As of the date hereof, Mr. Kinnear owns 2,970 Common Units. Mr. Kinnear’s consideration for the Common Units was the sale of certain assets of S&R as described in Item 4.

·
As of the date hereof, Mr. Kaiser owns 7,425 Common Units. Mr. Kaiser’s consideration for the Common Units was the sale of certain assets of S&R as described in Item 4.

·
As of the date hereof, Mr. Waldo owns 12,142.761 Common Units. Mr. Waldo’s consideration for 7,425 of the Common Units was the sale of certain assets of S&R as described in Item 4, and additional Common Units were acquired pursuant to the Issuer’s Distribution Reinvestment Plan.

Item 5.
Interest in Securities of the Issuer

Item 5 is hereby amended by deleting Item 5 of Amendment No. 3 in its entirety and replacing it with the following:

(a) and (b)   As of August 3, 2018, there were 89,953,619 Common Units outstanding based on the information contained in the Issuer’s Form 10-Q filed on August 7, 2018 and information subsequently disclosed.

As of the date hereof, Argonaut directly owns 1,945,536.003 Common Units (approximately 2.16%).

As of the date hereof, Mr. Millican directly owns 0 Common Units (0%). As the manager of Argonaut, Mr. Millican is in possession of sole voting and investment power of the Common Units held by Argonaut and may also be deemed to beneficially own the 1,945,536.003 Common Units held by Argonaut. Argonaut disclaims beneficial ownership of 0 Common Units directly owned by Mr. Millican. As of the date hereof, Mr. Millican may be deemed the beneficial owner of 1,945,536.003 Common Units (approximately 2.16% of the Common Units outstanding).
 
8

As of the date hereof, Mr. Dorwart directly owns 7,425 Common Units (approximately 0.01%). As the manager of Argonaut, Mr. Dorwart is in possession of sole voting and investment power of the Common Units held by Argonaut and may also be deemed to beneficially own the 1,945,536.003 Common Units held by Argonaut. Argonaut disclaims beneficial ownership of 7,425 Common Units directly owned by Mr. Dorwart. As of the date hereof, Mr. Dorwart may be deemed the beneficial owner of 1,945,536.003 Common Units (approximately 2.17% of the Common Units outstanding).

As of the date hereof, Mr. Kinnear directly owns 2,970 Common Units (approximately 0.00%). As the manager of Argonaut, Mr. Kinnear is in possession of sole voting and investment power of the Common Units held by Argonaut and may also be deemed to beneficially own the 1,945,536.003 Common Units held by Argonaut. Argonaut disclaims beneficial ownership of 2,970 Common Units directly owned by Mr. Kinnear. As of the date hereof, Mr. Kinnear may be deemed the beneficial owner of 1,945,536.003 Common Units (approximately 2.16% of the Common Units outstanding).

As of the date hereof, Mr. Kaiser directly owns 7,425 Common Units (approximately 0.01%). As the manager of Argonaut, Mr. Kaiser is in possession of sole voting and investment power of the Common Units held by Argonaut and may also be deemed to beneficially own the 1,945,536.003 Common Units held by Argonaut. Argonaut disclaims beneficial ownership of 7,425 Common Units directly owned by Mr. Kaiser. As of the date hereof, Mr. Kaiser may be deemed the beneficial owner of 1,945,536.003 Common Units (approximately 2.17% of the Common Units outstanding).

As of the date hereof, Mr. Waldo directly owns 12,142.761 Common Units (approximately 0.01%). As the manager of Argonaut, Mr. Waldo is in possession of sole voting and investment power of the Common Units held by Argonaut and may also be deemed to beneficially own the 1,945,536.003 Common Units held by Argonaut. Argonaut disclaims beneficial ownership of 12,142.761 Common Units directly owned by Mr. Waldo. As of the date hereof, Mr. Waldo may be deemed the beneficial owner of 1,945,536.003 Common Units (approximately 2.18% of the Common Units outstanding).

(c)

Argonaut:
Since the Amendment No. 3 filing, Argonaut has sold the following Common Units of the Issuer on the open market:

Date
Quantity
Average Price per Unit
(ex. commissions and fees)
Total Price
5/21/2018
3,800.0000
18.3153
69,598.14
5/21/2018
5,699.0000
18.3
104,291.70
5/22/2018
2,601.0000
18.25
47,468.25
5/22/2018
6,447.0000
18.4151
118,722.15
5/23/2018
3,600.0000
18.2619
65,742.84
5/29/2018
900.0000
18.2167
16,395.03
5/30/2018
15,000.0000
18.4675
277,012.50
5/31/2018
10,000.0000
18.5079
185,079.00
5/31/2018
10,000.0000
18.5511
185,511.00
5/31/2018
7,532.0000
18.5883
140,007.08
6/1/2018
15,000.0000
18.5289
277,933.50
6/1/2018
15,000.0000
18.567
278,505.00
6/1/2018
1,494.0000
18.5513
27,715.64
6/1/2018
105,000.0000
18.5238
1,944,999.00
6/4/2018
1,000.0000
18.561
18,561.00
6/4/2018
40,000.0000
18.4
736,000.00
 
9

6/5/2018
10,000.0000
18.4151
184,151.00
6/5/2018
1,100.0000
18.4018
20,241.98
6/5/2018
50,000.0000
18.4
920,000.00
6/6/2018
55,000.0000
18.35
1,009,250.00
6/6/2018
400.0000
18.4025
7,361.00
6/7/2018
1,200.0000
18.4
22,080.00
6/8/2018
100.0000
18.41
1,841.00
6/8/2018
100,000.0000
18.35
1,835,000.00
6/11/2018
100,000.0000
18.325
1,832,500.00
6/11/2018
3,574.0000
18.4091
65,794.12
6/12/2018
600.0000
18.4
11,040.00
8/7/2018
3,800.0000
17.3634
65,980.92
8/8/2018
11,200.0000
17.4132
195,027.84
8/8/2018
10,066.0000
17.4531
175,682.90
8/8/2018
160,000.0000
17.4075
2,785,200.00
8/9/2018
82,000.0000
17.3175
1,420,035.00
8/10/2018
1,824.0000
17.4007
31,738.88
8/10/2018
51,000.0000
17.3377
884,222.70
8/13/2018
400.0000
17.4025
6,961.00
8/13/2018
1,000.0000
17.324
17,324.00
8/14/2018
9,250.0000
17.2611
159,665.18
8/17/2018
790,840.0000
17.2595
13,649,502.98
8/17/2018
2,710.0000
17.4048
47,167.01
8/20/2018
20,000.0000
17.5884
351,768.00
8/20/2018
20,000.0000
17.5153
350,306.00
8/20/2018
59,100.0000
17.5098
1,034,829.18
8/20/2018
6,006.0000
17.5137
105,187.28
8/21/2018
10,368.0000
17.5347
181,799.77
8/21/2018
40,900.0000
17.5037
715,901.33
8/22/2018
3,626.0000
17.5006
63,457.18
8/22/2018
56,300.0000
17.4739
983,780.57
8/22/2018
400.0000
17.5025
7,001.00
8/23/2018
150,000.0000
17.4557
2,618,355.00
8/23/2018
13,268.0000
17.5115
232,342.58
8/24/2018
3,000,000.0000
17.45
52,350,000.00
8/24/2018
6,332.0000
17.6642
111,849.71
8/24/2018
20,000.0000
17.6642
353,284.00
8/24/2018
45,022.0000
17.4547
785,845.50
8/24/2018
10,932.0000
17.6642
193,105.03

Upon request, the reporting person will provide the SEC with full information regarding the Common Units sold. The price per unit disclosed does not include the broker commission.

(d)
Not Applicable.
 
10

(e)
As of the close of business on August 24, 2018, Argonaut and Messrs. Millican, Dorwart, Kinnear, Kaiser, and Waldo ceased to beneficially own more than 5% of the Issuer’s Common Units, and as such, as of the close of business on August 24, 2018 all Reporting Persons ceased to be members of the group.

Item 7.
Material to be Filed as Exhibits

Exhibit 99.1
Joint Filing Agreement filed with Amendment No. 3 and incorporated herein by reference.
 
11

SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: August 27, 2018
   
     
ARGONAUT PRIVATE EQUITY, L.L.C.
   
     
/s/ Frederic Dorwart
 
/s/ Frederic Dorwart
Frederic Dorwart, Manager
 
FREDERIC DORWART, Individually
     
/s/ George B. Kaiser
 
/s/ Ken Kinnear
GEORGE B. KAISER, Individually
 
KEN KINNEAR, Individually
     
/s/ Don P. Millican
 
/s/ Robert Waldo
DON P. MILLICAN, Individually
 
ROBERT WALDO, Individually
 
 
12