Baird Investment Banking Pitch Book
REVISED DISTRIBUTION POLICY:
PRO FORMA IMPACT
($ in millions, unless otherwise noted)
"Keep Whole" Case (2)
Dividend and Dividend Coverage per AR-Owned AM Unit
Status Quo AM 2019 Distr.
+ All-in ER to AR (¹)
PF AMC 2019 Disr.
x Equity XR to AR
$2.21 $2.21
Status Quo (1)
$1.96 $2.00
2019
$2.210
1.775x
$1.245
1.6023x
$2.00
1.31x 1.19x 1.34x 1.32x
AM Status Quo
(2)
(3)
"Keep Whole" Case
Management Distr. Case (4)
Potential AR/AM Counter
$2.85 $2.74
(5)
1.16x 1.16x 1.26x 1.24x
Cash Dividends to AR Analysis (excluding $3.00/unit at closing)
Total Cash Dividends to AR
$2.53 $2.57
2019
2020
$219
$219
$194
$197
Management Distr. Case (3)
2020
$282
$270
$250
$254
$3.42 $3.39
2021
1.11x 1.11x 1.25x 1.23x
2022
$338
$405
$335
$411
$300 $360
$305
$366
$3.03 $3.09
2021
Total
Cash
'19-'22
$1,244
$1,236
$1,103
$1,124
Potential AR/AM Counter (4)
Source: Antero management projections.
(1)
Based on 10-day VWAP ended October 5, 2018.
(2) As set forth in the AM stand-alone projections.
(3) Equivalent initial AM distribution ($1.38) based on 1.6023x exchange ratio; then AM stand-alone projection coverage.
(4) Equivalent initial AM distribution ($1.22) based on 1.807x all-in exchange ratio; then 29% growth in 2020 and 20% annual growth thereafter.
(5) Equivalent initial AM distribution ($1.25) based on 1.775x all-in exchange ratio; then 29% growth in 2020 and 20% annual growth thereafter.
Preliminar Praft
PV-10
$1,009
$1,002
$895
$912
$4.10 $4.16
PV-10
vs. AM
Status Quo
1.05x 1.05x 1.21x 1.19x
($8)
(114)
(98)
BAIRD
$3.64 $3.71
2022
+ $16
Project Bronco |
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