Barclays Investment Banking Pitch Book
ETP / PennTex Transaction Overview
On June 30, 2017, Energy Transfer Partners, LP (NYSE: ETP) completed its purchase of the remaining
common units of PennTex Midstream Partners, LP (NYSE: PTXP)
Transaction Overview
On May 19, 2017, ETP commenced an unsolicited tender offer to
acquire all of the outstanding public common units of Penn Tex
Midstream Partners, LP ("PennTex":"PTXP")
■ Tender offer was made at $20.00/unit
On June 1, 2017, the Conflicts Committee of PennTex unanimously
determined that the price being offered in the tender offer was fair
On June 20, 2017, PennTex announced the successful expiration of
ETP's Tender Offer
ETP owned at least 16,571,405 common units (representing
greater than 80% of the outstanding common units), a condition for
closing the offer
($ in millions, except per unit amounts)
Offer Price Per Unit
LP Units Outstanding
Total Equity Value
PTXP Transaction Multiples
Plus: Net Debt
Total Enterprise Value
EV / EBITDA
2017E
2018E
2019E
Source Company filings, press releases, and FactSet.
1. Includes 20.0mm of subordinated units.
Statistic
BARCLAYS
$77.6
88.3
84.0
2. -95% ownership achieved via tender as of 6/20/17, call right subsequently exercised
3. EBITDA projections reflect consensus estimates at the time of the transaction.
PTXP
3/31/17
$20.00
40.7)
$814.3
148.3
$962.6
Multiple
12.4x
10.9x
11.5x
Status Quo
2
MRD
8% GP/IDRS
+
-10.5 mm LP
units (26.3%)
NGP
92% GP/IDRS
-15.8 mm LP
units (39.4%)
PennTex
Ownership Summary
-13.7 mm LP units
(34.2%)
Public
Unitholders
11/2/2016
ETP
100% GP/IDRs
-26.3 mm LP
units (64.6%)*
Penn Tex
-14.3 mm LP units
(35.4%)
Public
Unitholders
DRAFT
6/20/2017
ETP
100%
ownership
PennTexView entire presentation