Oiltanking Partners Announces Pending Conversion of Subordinated Units
31 Octubre 2014 - 7:17AM
Business Wire
Oiltanking Partners, L.P. (NYSE: OILT) (the
“Partnership”) announced today that the board of directors of its
general partner has confirmed that, upon payment of the
Partnership’s third quarter 2014 distribution, the financial tests
under the Partnership’s partnership agreement required for the
conversion of all its outstanding subordinated units into common
units will have been satisfied. Accordingly, the Partnership’s
38,899,802 subordinated units will be converted on a one-for-one
basis into common units on the first business day following the
payment of the Partnership’s third quarter 2014 distribution to
unitholders. Upon conversion, the Partnership will have 83,128,494
common units outstanding.
The Partnership previously announced on October 17, 2014 the
declaration of the quarterly cash distribution of $0.2725 per unit,
or $1.09 per unit on an annualized basis, for the third quarter of
2014. The quarterly distribution will be paid on November 14, 2014
to unitholders of record as of the close of business on November 3,
2014.
Oiltanking Partners, L.P. is a growth-oriented master
limited partnership engaged in independent storage and
transportation of crude oil, refined petroleum products and
liquefied petroleum gas. We are the logistics provider of choice to
major integrated oil companies, distributors, marketers and
chemical and petrochemical companies. Our core assets are
strategically located along the Gulf Coast of the United States on
the Houston Ship Channel and in Beaumont, Texas. For more
information, visit www.oiltankingpartners.com.
Forward-Looking Statements
This press release contains forward-looking statements. These
forward-looking statements reflect Oiltanking Partners, L.P.’s
current views with respect to future events, based on what it
believes are reasonable assumptions. No assurance can be given,
however, that these events will occur. These statements are subject
to risks and uncertainties as described in Oiltanking Partners,
L.P.’s filings with the Securities and Exchange Commission,
available at the SEC's website at www.sec.gov. By issuing
forward-looking statements based on current expectations, opinions,
views or beliefs, Oiltanking Partners, L.P. has no obligation and,
except as required by law, is not undertaking any obligation, to
update or revise these statements or provide any other information
relating to such statements.
Oiltanking Partners, L.P.Mark Buscovich, (855) 866-6458
or (281) 457-7929Manager, FP&A and
IRir@oiltankingpartners.comorFor Media:Rick Rainey, (713)
381-3635Vice Presidentrrainey@eprod.com
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