RE:RE:Q4 and 2013 resultsalkhor wrote: BTW, not word of a divvy cut in the release..
They did mentioned it in a few places, mostly in the "Cash flow" section. They said the dividend (distribution) will be determined by the amount of free cash flow.
Here is the extract from the report:
"...Free Cash Flow would be available for additional debt reduction, internal or external growth, or distributionsto shareholders,depending on the amount of Free Cash Flo and the decision of management,together with the board, on the allocation of such Free Cash Flow.
The Company provided 2014 Free Cash Flow guidance of $0 to $25 million, excluding approximately $80 million in prepayment and other expenses associated with the Company's recent refinancing transaction. This figure also excludes the $8.1 million repayment of Piedmont construction debt made to facilitate the term loan conversion. The decrease of approximately $96 million, based on the midpoint of the range for 2014 Free Cash Flow, compared to $108.8 million of Cash Available for Distribution in 2013 is attributable to several factors, including: lower operating cash flow, primarily from the loss of more than $30 million of cash flow from assets divested in April 2013 and $38 million from working capital items that benefited 2013, but are not expected to recur in 2014; $12 million of higher capex; and debt repayments under the APLP term loan, including 1% mandatory amortization and 50% sweep of APLP's cash flow after capex and debt service (estimated to total $52 million in 2014). These reductions are partly offset by increased Project Adjusted EBITDA and lower interest expense in 2014, excluding the prepayments and additional interest expense associated with the refinancing transaction, which are excluded from Free Cash Flow."