Tudor, Pickering, Holt & Co Investment Banking
Precedents | MLP Transactions Analysis
easse
AMGP Proposal
AM Proposal
Autent
Date
8/1/18
5/17/
2/7/18
1/27/18
KONT
3/2017
2/1/17
1/2017
11/21/16
5/30
11/21
10/15
7/13/15
5/6/15
4/6/15
10/13/14
11/12/14
8/10/14
LOND
C-Carp Buying MLP
All Wate
3rd Party
Overall
Energy Transfer Equity, L
Chec
Compan
TEP, LP
Tera MGP, Inc.
Acquiror
De Energy US, UP
Energy Transfer Partners, L
VTTI, EV
World Terminal, Inc
ONE OK, I
Entry Company
SLP, UP
American Matran Pres LP
Targ Resources Corp
Trance, Inc
We Refining, Inc
Crewood Pers, LP
TecorLogic LP
Energy Transfer Partners, UP
Partners LP
Targ Recouro Parte LP
Kinder Morgan Inc.
Brum Energy Partne
Purtre LP
Plinican LP
Kinder Morgan Energy Partnen LP
Enter Products Partners
Men
Bled lave
Man
Man
Ben
Energy Transfer Pr
Charler Energy Partners LP Holdings
Target
Tre Parten, LP
Tem Nitrogen Co. LP
ALPLP
PeTex Men Partners, LO
World Point Terminal, LP
ONDOR Partners, LP
Energy TransferParten, LP
Per LP
Rock item
Tags Recur Partners LP
Tramon Partner
Northern Ter Energ
Mark Energy Partners, LP
QEP
Partners LP
Regency Energy Partners LP
Aram Partners LP
Partners LP
Oking Partners LP
DA Pere Partners
QELP
PVE
Natural Gas Storage LP
Cream Partners LP
Con Energy LLC
Atream Partners LP
D
Vale
1,474
200
963
1,1
476
3,44
2,00-4
13,259
1,202
33,340
31,191
4,002
13,677
$4.375
13,993
15,329
$4,85
5,653
12.308
$14.125
10.382
TEV/FY! Ad. Tradio
ERITO
Val
SouComings, prem ks, presentations and Facßat for pricingdata. Representsprecedent AUP transactions by affiliated and third party MLPs, Public GP and C-C2011.
Notransaction where target is a MUP.
Nordensation TEV wakuu amesafed and non affrated units at offer price.
8%
12.4x
16x
129x
12
11.4x
9.%
Lx
12.0x
118x
22.0
11.9x
11.0x
11.0x
173
23.0
88x
11.9
13.5
14.9
13x
10.M
10.3x
114x
1Jx
1.
34,928
1,402
206
873
1.1M
47%
1,153
5,185
22,340
1901
18,99
35,891
4,000
424
$3,391
2,8%
2,434
4,898
$4.284
15.121
5,643
$4.550
12412
TEV / FY
EBITO
22%
114x
12
13x
113.
11.9
11.0
11.0x
15
Bukk
146x
14.9
BA
10.0
10.6x
14.0x
11.2
11%
H
H
Vike
407
20
NI
9,309
120
2134
302
915
771
541
394
1344
27351
1,311
755
1861
1911
1831
STAN
5434
Babae traction value for IT ANGE at AN Proposal include conversion of Series 8 units, cach consideration to avoid them siling. Älä nohướng debt, and the purchase of All unit sulitinding. Excluded transaction fees. Asumes cach condideration of 51000
1
11:
64
0
3.78
15:20
3.0
BAXI
102
11.1
0.0%
18.4
11.7%
3.X
17:20
132x
LIX
15.00
1.71
12.0%
17:54
8.5
14.10
20.5%
8.81
9.7%
84%
10.1%
18.7%
12.4%
(2.99
1.8%
D
DON
CON
DE
100%
DO
100%
1000
TOO
DO
DON
100%
DON
DON
654
11
DE
ON
13
DON
30
D
328
120
DON
41
DOM
DO
A
371
L
25%
41
32%
Ok
20%
V
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
K
Table
Traction
No
Tes
Tei
THE
Tei
Tei
THE
Tel
Te
THE
Tei
No
Ye
TH
TH
No
No
No
No
No
No
FOL
YHL
ho
No
IM
No
Yes
Yes
L
C-Corp
C-Corp
C-Corp
MLP
HLP
C-Corp
C-Corp
Corp
HLP
JLP
C-Corp
C-Cor
C-Corp
ccerp
MLP
HALP
NLP
JHLP
HLP
MLP
JHLP
C-Corp
LP
MLP
JALP
C-Corp
M
Traction
Тун
Affiliat
Affiliate
3rd Party
Affiliate
Affilate
Affiliate
3rd Party
Aff
Affilate
Affiliate
3rd Party
3rd Party
Affiliate
Affiliate
Affitate
3rd Party
Affitate
Affiliate
Airate
3rd Party
3rd Party
3rd Party
Affi
A
TUDORPICKERING
HOLT&COI:
ENERGY INVESTMENT
MERCHANT BANKING
13View entire presentation