Capital Product Partners L.P. announced that its board of directors has declared a non-recurring exceptional cash distribution of $1.05 per unit.
‘The Partnership’s Board of Directors declared an exceptional cash distribution of $1.05 per unit, payable on February 13, 2009, to unit holders of record on February 10, 2009. The payment of the higher than anticipated distribution was unanimously approved by Capital Product Partners’ Board of Directors. The Partnership will fund this exceptional distribution from operating surplus and through a decrease in existing reserves. During the last quarters, the Partnership has earned unexpectedly high levels of profit sharing revenue as a result of the high utilization rates of its product tanker fleet and the resilient market in the Suezmax segment.This non-recurring exceptional distribution represents an increase from the previous cash distribution of $0.41 per unit which was paid for the period from July 1, 2008 to September 31, 2008. The minimum quarterly distribution at the time of the IPO was set at $0.375