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GMLPP - Golar LNG Partners Preferred A Units: 12.5% Yield 11X Coverage No K-1 30% Below Par
Golar LNG Partners LP 8.75% Series A Cumulative Redeemable Preferred Units
Golar LNG Partners LP, 8.75% Series A Cumulative Redeemable Preferred Units (GMLPP) are trading at a 30% discount to their $25.00 call value due to several concerns:
-COVID-19 has pressured LNG demand and created uncertainty as to how quickly demand will return. LNG prices have continued to fall due to oncoming supply.
-Golar had two bond maturities due in May 2020 and May 2021, which management hadn't been able to refinance yet, due to the freezing of the credit markets during the pandemic.
-LNG shipping common units' prices have been falling over the