Baird Investment Banking Pitch Book
ACCRETION / DILUTION AT VARIOUS EXCHANGE RATIOS
AM Distribution per LP Unit
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
1.31x 1.22x 1.25x 1.28x 1.31x 1.33x
2.21 2.06 2.11 2.16 2.20 2.24
2019
0.89
Status Quo
AM coverage ratio required
for a neutral deal
AMGP Distribution per Common Share
1.29 1.24 1.20 1.16 1.12
2019
2.85 2.83 2.91 2.97 3.03 3.09
1.6x (Proposal)
1.34
2020
1.77 1.71 1.65 1.59 1.54
2020
1.7x
Continente Preliminary Praft
1.8x
1.74
3.42 3.50 3.59 3.66 3.74 3.81
2021
1.9x
2.19 2.11 2.04 1.97 1.90
2021
Source: Antero management projections.
Note: Assumes AMGP purchases 100% of AM public units with 100% equity. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units.
2.0x
4.22
4.10
2.22
4.38 4.48 4.58 4.67
2022
BAIRD
2.64 2.58 2.49 2.41 2.33
2022
Project Bronco
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