Seaworld postpones quarterly dividend
Because of it's debt convenants Seaworld has announced to postpone its fourth quarter dividend.
As previously announced, the Company's ability to declare dividends, repurchase shares or make certain other restricted payments under the Company's debt covenants is limited to approximately $15 million for the remainder of calendar year 2014. As a result, the Company's Board of Directors elected to postpone the declaration of the Company's fourth quarter 2014 dividend. The amount available for dividend declarations, share repurchases and certain other restricted payments under the covenant restrictions in the Company's debt agreements will reset on January 1, 2015 and the Company expects to declare and pay the fourth quarter 2014 dividend in January 2015.
Seaworld pays a quarterly dividend of about $18 million, so the debt convenant just doesn't allow the company to pay its $15 million quarterly dividend.
As previously announced, the Company's ability to declare dividends, repurchase shares or make certain other restricted payments under the Company's debt covenants is limited to approximately $15 million for the remainder of calendar year 2014. As a result, the Company's Board of Directors elected to postpone the declaration of the Company's fourth quarter 2014 dividend. The amount available for dividend declarations, share repurchases and certain other restricted payments under the covenant restrictions in the Company's debt agreements will reset on January 1, 2015 and the Company expects to declare and pay the fourth quarter 2014 dividend in January 2015.
Seaworld pays a quarterly dividend of about $18 million, so the debt convenant just doesn't allow the company to pay its $15 million quarterly dividend.