STAR GAS DECLARES $0.575 QUARTERLY DISTRIBUTION ON ALL UNITS
Additionally, as a result of Star's heating oil division achieving certain financial tests specified in the Partnership agreement - 303,000 Senior Subordinated Units (NYSE:SGH) will be distributed proportionally to Star's Senior Subordinated, Junior Subordinated and General Partner Unitholders of record as of November 5, 2001. Holders of Senior Subordinated, Junior Subordinated and General Partner units will receive one additional SGH unit for every 11.1807 Senior Subordinated, Junior Subordinated or General Partner unit held as of the November 5th record date. Fractional units will be payable in cash.
Star Gas Partners, L.P., is a leading distributor of home heating oil, propane and deregulated natural gas and electricity. Star is the nation's largest retail distributor of home heating oil, serving approximately 500,000 customers through its Petro and Meenan Oil subsidiaries. Star is also the nation's eighth largest retail propane distributor, serving approximately 275,000 customers throughout the Midwest and Northeast. Star owns a controlling 80.0% interest in Total Gas and Electric, which sells natural gas and electricity in the Northeast and Mid Atlantic to 54,000 customers.
This news announcement contains certain forward-looking information that is subject to certain risks and uncertainties as indicated from time to time in the Partnership’s 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission. Included risks and uncertainties are the effects of the weather on the Partnership’s financial results, competitive and propane and heating oil pricing pressures and other factors impacting the propane, home heating oil, natural gas and electricity distribution industries.
