Rentech Nitrogen Partners, L.P. Announces Fourth Quarter 2015 Distribution
February 15 2016 - 5:30AM
Business Wire
Rentech Nitrogen Partners, L.P. (NYSE: RNF) announced today that
its Board of Directors has declared a cash distribution of $0.10
per common unit for the fourth quarter of 2015, payable on February
29, 2016 to holders of record as of February 25, 2016. This
distribution will bring cumulative cash distributions for the
twelve months ended December 31, 2015 to $1.71 per
unit.
The partnership’s fourth quarter distribution was reduced by
approximately $0.09 per unit, or $3.4 million, of cash reserves
held for working capital and by approximately $0.03 per unit, or
$1.1 million, in transaction costs. Revenues for the quarter were
lower than expectations due to limited spot ammonia sales as a
result of a wet fall followed by cold temperatures and snow that
abbreviated the fall ammonia application season. In addition,
prepaid UAN deliveries were lower than expected for the quarter. As
a result, the partnership expects higher than budgeted deliveries
of these two products in the first quarter of 2016 because it
anticipates selling the majority of the ammonia tons that carried
over from the fourth quarter and delivering the unshipped prepaid
UAN tons.
The partnership will discuss its results for the fourth quarter
and full year at 7:00 am PDT on March 16, 2016. Callers may listen
to the live presentation, which will be followed by a question and
answer segment, by dialing (800) 774-6070 or (630) 691-2753 and the
pass code 9941850#. An audio webcast of the call will be available
at www.rentechnitrogen.com within the Investor Relations portion of
the site under the Presentations section. A replay will be
available by audio webcast and teleconference from 9:30 a.m. PDT on
March 16 through 11:59 p.m. PDT on March 23. The replay
teleconference will be available by dialing (888) 843-7419 or (630)
652-3042 and the passcode 9941850#.
Qualified Notice to Nominees and
Brokers
This release is intended to serve as a qualified notice to
nominees and brokers as provided for under Treasury Regulation
Section 1.1446-4(b). Please note that 100 percent of Rentech
Nitrogen’s distributions to foreign investors are attributable to
income that is effectively connected with a United States trade or
business. Accordingly, Rentech Nitrogen’s distributions to foreign
investors are subject to federal income tax withholding at the
highest effective tax rate.
About Rentech Nitrogen,
L.P.
Rentech Nitrogen (www.rentechnitrogen.com) was formed by
Rentech, Inc. to own, operate and expand its nitrogen fertilizer
business. Rentech Nitrogen’s assets consist of two fertilizer
production facilities owned by its operating subsidiaries. The East
Dubuque facility is located in the northwestern corner of Illinois,
and uses natural gas as a feedstock to produce primarily anhydrous
ammonia and UAN solution for sale to customers in the Mid Corn
Belt. The Pasadena facility is located in Pasadena, Texas, along
the Houston Ship Channel; it uses ammonia and sulfur as feedstocks
to produce ammonium sulfate and ammonium thiosulfate fertilizers,
and sulfuric acid. Rentech Nitrogen is the largest producer of
synthetic granulated ammonium sulfate fertilizer in North America,
with sales in the United States and internationally.
Forward-Looking
Statements
This press release contains forward-looking statements about
matters such as our estimated cash available for distribution for
the fourth quarter and full year of 2015 and the partnership’s
expectations for the first quarter of 2016. These statements are
based on management’s current expectations. Actual results may
differ materially as a result of various risks and uncertainties.
Other factors that could cause actual results to differ from those
reflected in the forward-looking statements are set forth in
Rentech Nitrogen’s prior press releases and periodic public filings
with the Securities and Exchange Commission, which are available on
Rentech Nitrogen’s website at www.rentechnitrogen.com. The forward-looking
statements in this press release are made as of the date of this
press release. Rentech Nitrogen does not undertake to revise or
update these forward-looking statements, except to the extent that
it is required to do so under applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160215005079/en/
Rentech Nitrogen Partners, L.P.Julie Dawoodjee Cafarella,
310-571-9800Vice President of Investor Relations and
Communicationsir@rnp.net
Rentech Nitrogen Partners, L.P. Common Units Representing Limited Partner Interests (NYSE:RNF)
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