Barclays Investment Banking Pitch Book
World Point Terminals Transaction Overview
On June 2, 2017, World Point Terminals, Inc. ("WPTI") announced an agreement to purchase all of the
remaining common units of World Point Terminals, LP (NYSE: WPT) in an all-cash tender offer
Transaction Overview
WPTI acquired the LP interests in World Point Terminals. LP (WPT") that
it did not already own via a cash tender offer
■ On 4/3/2017, WPTI sends letter with initial offer of $16.80/unit
On May 23, 2017. WPTI subsequently increased offer to $17.30/unit
Tender offer was recommended to WPT unitholders by the WPT GP
Conflicts Committee
■
. Tender offer included an 80% minimum condition and remained open for
20 business days
Following completion of tender offer, WPTI exercised its right to acquire
the remaining untendered units
Status Quo
WPTI &
Affiliates
Ownership Summary
73.6% LP Interest, GP
Interest, 100% IDRS
Public
Unitholders
26.4% LP
Ownership
World Point
Terminals, LP
(NYSE: WPT)
Pro Forma
BARCLAYS
WPTI &
Affiliates
100.0% Ownership
World Point
Terminals, LP
3
($ in millions, except per unit amounts)
Offer Price Per Unit
LP Units Outstanding
Total Equity Value
Plus: Net Debt
Total Enterprise Value
Source: Company fings, press releases, and FactSet
1. EBITDA projections reflect WPT estimates from WPTI transaction overview presentation, as of June 2, 2017.
EV/EBITDA
2017E
2018E
2019E
WPT Transaction Multiples
DRAFT
Statistic
$59.8
60.1
61.8
WPT
3/31/17
$17.30
34.9
$603.1
(8.9)
$594.2
Multiple
9.9x
9.9x
9.6xView entire presentation