Inter Pipeline Announces Corporate Restructuring and Distribution Increase
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 06/03/13 -- Inter Pipeline Fund ("Inter Pipeline") (TSX: IPL.UN) announced today that it has completed several internal transactions related to the restructuring of its current limited partnership structure to position the business for a planned conversion to a corporate form. Inter Pipeline has indirectly purchased Pipeline Management Inc, its General Partner, for initial consideration valued at $170 million, plus adjustments, and a future second instalment valued at $170 million which is partly contingent on the outcome of certain organic growth projects currently under development. These transactions (the "Internalization Transactions") have been designed to eliminate all future management, acquisition, divestiture and incentive fees payable to an external manager.
In conjunction with the Internalization Transactions, Inter Pipeline has announced a distribution increase of $0.03 per unit on an annualized basis. Unitholders of record as of June 21, 2013 will be eligible for Inter Pipeline's new, higher level of cash distributions with initial payment on or about July 15, 2013. This increase will result in annual distribution payments of $1.14 per unit.
David Fesyk, President and Chief Executive Officer, commented, "The transactions announced today represent a positive step forward for our business. They are part of a broader plan to convert to a corporation and capture related benefits, including broader access to capital markets and certain changes to current corporate governance practices. The purchase of Inter Pipeline's General Partner has been structured on terms that help ensure immediate and long-term accretion to cash flow, as is evidenced by the board's decision to increase cash distributions payable to unitholders."
Contacts:
Inter Pipeline Fund - Investor Relations:
Jeremy Roberge
Vice President, Capital Markets
403-290-6015 or 1-866-716-7473
Inter Pipeline Fund - Media Relations:
Tony Mate
Director, Corporate and Investor Communications
403-290-6166
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Datum: 03.06.2013 - 05:00 Uhr
Sprache: Deutsch
News-ID 265474
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Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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