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GMLPP - Golar LNG Partners: Common Unitholders' Loss Is Creditors' And Preferred Unitholders' Gain
Golar LNG Partners LP 8.75% Series A Cumulative Redeemable Preferred Units
On April 1, after market closing, Golar LNG Partners (GMLP) announced a massive cut in its common unit distributions. The quarterly distribution fell from $0.4042 per unit to $0.0202. As might be expected, the unit price has collapsed, from $3.15 at the close to $1.91 after hours. As recently as November, the common units traded above $10. The preferred stock (GMLPP) fell in sympathy, but I think that was an incorrect evaluation by investors. As time goes on, I expect the common to weaken further, but the preferred to strengthen.