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Calumet Specialty Products Partners LP Message Board

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  • wareham2620 wareham2620 Apr 30, 2009 3:29 PM Flag

    help

    Thanks,I guess you do your homework.
    Thanks again.
    ////////////////////////////////////

    Cash distributions We paid a prorated quarterly cash distribution of $0.30 per unit for the first quarter of 2006, or $1.80 per unit on an annualized and un-prorated basis, on May 15, 2006 to unitholders of record as of May 2, 2006. This distribution was for the period from January 31, 2006, the date of the closing of our initial public offering, through the end of the first quarter.

    Within 45 days after the end of each quarter, we distribute our available cash to unitholders of record on the applicable record date.

    In general, we will pay any cash distributions we make each quarter in the following manner:

    • first, 98% to the holders of common units, pro rata, and 2% to our general partner, until each common unit has received a minimum quarterly distribution of $0.45 plus any arrearages from prior quarters;

    • second, 98% to the holders of subordinated units, pro rata, and 2% to our general partner, until each subordinated unit


    Subordination period During the subordination period, the common units will have the right to receive distributions of available cash from operating surplus in an amount equal to the minimum quarterly distribution of $0.45 per quarter, plus any arrearages from prior quarters, before any distributions may be made on the subordinated units. The subordination period will extend until the first day of any quarter beginning after December 31, 2010 that each of the following tests are met:

    (1) distributions of available cash from operating surplus on each of the outstanding common units, subordinated units and general partner units equaled or exceeded the minimum quarterly distributions on all such units for each of the three consecutive, non-overlapping four-quarter periods immediately preceding that date;

    (2) the adjusted operating surplus generated during each of the three consecutive, non-overlapping four-quarter periods immediately preceding that date equaled or exceeded the sum of the minimum quarterly distributions on all of the outstanding common units, subordinated units and general partner units during those periods on a fully diluted basis; and

    (3) there are no arrearages in payment of minimum quarterly distributions on the common units.

    When the subordination period ends, all subordinated units will convert into common units on a one-for-one basis, and the common units will no longer be entitled to arrearages.

    http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=4480753-43284-91303&type=sect&TabIndex=2&companyid=687530&ppu=%252fdefault.aspx%253fcik%253d1340122

 
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