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Ferrellgas Partners LP Message Board

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  • rrb1981 rrb1981 Jun 28, 2005 7:39 PM Flag

    Dividend Cut?

    FGP better hope that Renaissance contributes the 30 million that they are predicting. The common holders are somewhat shielded by the fact that FerrellGas Corp's (the GP of MLP) LP units are now subordinated to the common LP units, which conveniently makes up the shortfall that FGP has been operating under (distribution coverage of only 70%) which essentially means they are short 30 million or, yes, for the commons, the distribution should be steady. If Renaissance is as good as they market it up to be, then the coverage ratio ought to climb to at least 1.0x and perhaps higher. That sadly, only puts them back where they needed to be all along. How is it that FGP has not managed to raise the distribution at all, while other operators such as Inergy have managed to increase the distribution by leaps and bounds?

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