Genesis Energy, L.P. Declares Quarterly Distribution
July 17 2018 - 6:00AM
Business Wire
Genesis Energy, L.P. (NYSE: GEL) announced today that, on July
16, 2018, the Board of Directors of its general partner declared a
distribution on Genesis’ common units and 8.75% Class A Convertible
Preferred Units attributable to the quarter ended June 30, 2018.
These distributions will be paid on August 14, 2018 to holders of
record at the close of business on July 31, 2018.
Each holder of common units will be paid a quarterly cash
distribution of $0.53 ($2.12 on an annualized basis) for each
common unit held of record. With respect to the preferred units,
Genesis declared a payment-in-kind of the quarterly distribution
resulting in the issuance of an additional approximately 511,934
preferred units (“PIK units”). Each holder of a preferred unit will
be paid through the issuance of 0.021875 PIK units (plus cash for
any fractional unit based on $33.71 per unit) for each preferred
unit held of record. This distribution equates to a quarterly
distribution of $0.7374 per preferred unit ($2.9496 on an
annualized basis). The PIK units will be issued in book-entry form
on the payment date.
Genesis Energy, L.P. is a diversified midstream energy master
limited partnership headquartered in Houston, Texas. Genesis’
operations include offshore pipeline transportation, sodium
minerals and sulfur services, marine transportation and onshore
facilities and transportation (formerly known as supply and
logistics). Genesis’ operations are primarily located in Texas,
Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the
Gulf of Mexico.
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version on businesswire.com: https://www.businesswire.com/news/home/20180717005047/en/
Genesis Energy, L.P.Bob Deere, (713) 860-2516Chief Financial
Officer
Genesis Energy (NYSE:GEL)
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