Hi-Crush Partners (HCLP) Lowers Quarterly Distribution to $0.225, 10.3% Yield; Delivers Prelim. 3Q Estimates
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Hi-Crush Completes Buyout of General Partner and Declares Distribution of $0.225 per Unit for the Third Quarter of 2018
October 22, 2018 6:20 AM EDTHOUSTON, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Hi-Crush Partners LP (NYSE: HCLP), or "Hi-Crush" or the "Partnership", today announced that it has acquired its general partner by acquiring Hi-Crush Proppants LLC for consideration of 11.0 million newly issued common units of the Partnership. Total value of the consideration for the acquisition, comprised entirely of the newly issued units, is $96.25 million based on Fridays closing price of $8.75 per unit. Through the acquisition, which closed on October 21, 2018, Hi-Crush simplified its corporate structure, eliminating its incentive distribution rights (IDRs) and associated reset provisions, and acquiring the non-economic general partner interest in the... More
