(Thomson Reuters ONE via COMTEX) -- Houston, Texas, April 17, 2013 - Hi-Crush Partners LP (NYSE: HCLP), or Hi-Crush, announced today that the Board of Directors of its general partner has declared a cash distribution for the first quarter of 2013 of $0.475 per unit on all common and subordinated units. This distribution is the third declared by the partnership and is equal to the minimum quarterly distribution of $0.475 per unit, or $1.90 on an annualized basis. The distribution will be paid on May 15, 2013 to all common and subordinated unitholders of record on May 1, 2013.
Distributions to Foreign Investors
The declaration of the distribution intended to be a qualified notice to nominees under Treasury Regulation Section 1.1446-4(b), with 100% of the Partnership's distributions to foreign investors attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Hi-Crush is a domestic producer of monocrystalline sand, a specialized mineral that is used as a "proppant" (frac sand) to enhance the recovery rates of hydrocarbons from oil and natural gas wells. Our reserves, which are located in Wyeville, Wisconsin, consist of "Northern White" sand, a resource that exists predominately in Wisconsin and limited portions of the upper Midwest region of the United States. For more information, visit www.hicrushpartners.com.
Source: Hi-Crush Partners LP