they aren't using the proceeds to buy crack--they are using them to buy assets that will be accretive to the distribution.
They've been very consistently increasing the distribution each quarter and covering those distributions by a decent amount. They aren't at all in danger of a cut.
Look at the history of increases
Last quarter they had Distributable Cash Flow of 125% of their distribution.
In other words they generated 25% more free cash than needed to pay the last distribution.
there are a lot of weak companies out there are living on the razors edge. this one isn't one of them
I was just coming over here to make the same exact post. I want to add to my position, but with a $140 mm aquisition here, a secondary is a given.
Better to get it over with so we can move onward and upward. Delay is only weighing on the stock price.
As you, I'll be adding AFTER the secondary