HOUSTON, Nov. 2, 2015 /PRNewswire/ -- The Board of Directors of CPP GP LLC, as general partner of Columbia Pipeline Partners LP (NYSE: CPPL) ("CPPL" or the "Partnership"), a Columbia Pipeline Group, Inc. (NYSE: CPGX) company, today approved a quarterly distribution payment of $0.1725 per unit for CPPL, payable on November 20, 2015, to both common and subordinated unit holders of record at the close of business on November 13, 2015. This distribution represents an approximately three percent increase over the prior quarter's distribution of $0.1675 per unit.
"The fundamentals for Columbia Pipeline Partners continue to be outstanding, " said Robert C. Skaggs Jr., chairman and chief executive officer of CPP GP LLC, the general partner of CPPL. "Our growth strategy provides investors the unique combination of very stable cash flows and highly visible long-term growth. Our plan is to deliver 20 percent annual distribution growth, as measured by the distribution paid in the fourth quarter of each calendar year. The team remains singularly focused on the execution of our robust growth and modernization backlog, which is progressing according to plan," said Skaggs.
1446 Qualified Notice
This notice is intended to serve as qualified notice to nominees pursuant to Treasury Regulation 1.1446-4(b). All of the partnership's distributions to foreign investors are 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 U.S. federal income tax withholding at the highest applicable effective tax rate.
About Columbia Pipeline Partners LP
Columbia Pipeline Partners LP, based in Houston, Texas, is a fee-based, growth-oriented master limited partnership formed to own, operate and develop a growing portfolio of natural gas pipelines, storage and related midstream assets.
Columbia Pipeline Partners' business and operations are conducted through CPG OpCo LP and its subsidiaries, which own and operate substantially all of the natural gas transmission, storage and midstream assets of Columbia Pipeline Group, Inc. Columbia Pipeline Group operates approximately 15,000 miles of strategically located interstate pipelines extending from New York to the Gulf of Mexico, one of the nation's largest underground natural gas storage systems, and a growing portfolio of related gathering and processing assets. The majority of its assets overlay the Marcellus and Utica Shale production areas. Additional information can be found at www.columbiapipelinepartners.com and www.cpg.com.
Forward Looking Statements
This release may include "forward-looking statements" within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Partnership's control. All statements, other than historical facts included in this release, are forward-looking statements. All forward-looking statements speak only as of the date of this release. Although the Partnership believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.
The Partnership's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond the Partnership's control. These factors include, but are not limited to, changes to business plans as circumstances warrant. For a full discussion of these risks and uncertainties, please refer to the "Risk Factors" section of the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and the information included in subsequent filings it makes with the SEC. The Partnership refers you to those discussions for further information.
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SOURCE Columbia Pipeline Partners LP