CSI Compressco LP (NASDAQ:CCLP) Files An 8-K Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure.
As previously reported in a Current Report on Form 8-K filed on December 21, 2018 by CSI Compressco LP, a Delaware limited partnership (the “Partnership”), the Partnership announced its intention to reduce its quarterly cash distributions to the Partnership’s common unit holders for a period of up to four quarters. The Partnership intends to use the approximately $34 million of reduced distributions to redeem the remaining Series A preferred units for cash and avoid further dilution to the Partnership’s common unit holders.The redemption of the Series A preferred units is expected to be completed by the third quarter of 2019, at which time management and the Board of Directors of the Partnership’s general partner will re-evaluate the distribution policy based on business conditions at that time.
The information furnished in this Item 7.01 (including the exhibit) shall not be deemed to be “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 8.01. Other Events.
On January 21, 2019, the Board of Directors of CSI Compressco GP Inc., the general partner of the Partnership, declared a cash distribution attributable to the quarter ended December 31, 2018 of $0.01 per outstanding common unit, or $0.04 per outstanding common unit on an annualized basis.This cash distribution is a reduction to the previous quarterly distribution and will be paid on February 14, 2019 to the Partnership’s unitholders of record as of the close of business on February 1, 2019.
On January 22, 2019, the Partnership announced that it plans to publicly release its fourth quarter and full year 2018 financial results on Wednesday, February 27, 2019, and hold a conference call at 10:30 a.m. Eastern Time on that day to discuss the financial results.
A copy of the news release announcing the cash distribution and schedule for the financial results release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
CSI Compressco LP Exhibit
EX-99.1 2 cclp-ex991_21.htm EX-99.1 cclp-ex991_21.htm Exhibit 99.1 For Immediate Release CSI Compressco LP Announces Quarterly Distribution andSchedule for Fourth Quarter and Full Year 2018 Results Conference Call THE WOODLANDS,…
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About CSI Compressco LP (NASDAQ:CCLP)
CSI Compressco LP, formerly Compressco Partners, L.P., is a provider of compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. The Company sells custom-designed compressor packages and oilfield fluid pump systems, and provides aftermarket services and compressor package parts and components manufactured by third-party suppliers. It provides these compression services and equipment to a base of natural gas and oil exploration and production, midstream and transmission companies operating throughout many of the onshore producing regions of the United States, as well as in a number of foreign countries, including Mexico, Canada and Argentina. It is a service provider of natural gas compression services in the United States, utilizing its fleet of compressor packages that employs a spectrum of low-, medium- and high-horsepower engines.
