5:30 pm ET April 22, 2019 (Dow Jones) Print
Blueknight Declares Quarterly Distributions
OKLAHOMA CITY--(BUSINESS WIRE)--April 22, 2019--
Blueknight Energy Partners, L.P. (NASDAQ: BKEP - Common Units) (NASDAQ: BKEPP - Preferred Units) ("BKEP" or the "Partnership"), announced today that the board of directors of its general partner has declared a quarterly cash distribution on the Partnership's common units of $0.04 per common unit, as well as a cash distribution of $0.17875 per unit on the Partnership's preferred units. "The reduction of the common unit distribution to $0.04 per common unit is a key step in our efforts to strengthen our balance sheet," stated Mark Hurley, CEO of the Partnership. "Our previous earnings guidance, as well as our year-end targets of distribution coverage greater than 1.0x and a leverage ratio between 4.0x and 4.5x, remain unchanged." The distributions are payable on May 14, 2019, on all outstanding common and preferred units to unitholders of record as of the close of business on May 3, 2019.
Forward-Looking Statements and Treasury Regulation Notice
This release may include forward-looking statements. Statements included in this release that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership's future cash flows and operations, the Partnership's ability to pay future distributions, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership's filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b) (4) and (d). Brokers and nominees should treat one hundred percent (100.0%) of BKEP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, BKEP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not BKEP, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
About Blueknight Energy Partners, L.P.
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