MLP Protocol 053113

Key adjustments from last week:

  • Adjusted TOO for the May 29th announcement that it has acquired a 50% stake in the Cidade de Itajai floating production, storage and offloading (FPSO) unit from Teekay Corporation for $204 million (Press Release):
  1. Operating on the Bauna and Piracaba fields in the Santos Basin offshore Brazil under a nine-year fixed-rate time-charter contract with Petroleo Brasileiro SA (Petrobras)
  2. Remaining 50% interest in the Itajai FPSO is owned by Brazilian-based Odebrecht Oil & Gas S.A.
  3. TOO’s 50% interest in the Itajai FPSO unit, which will be equity accounted for, is expected to generate annual Cash Flow from Vessel Operations of $25 million, and annual Distributable Cash Flow of $14 million
  • Adjusted VNR for a 7 million common unit offering at $28.35 on May 29 (4.4% discount to May 29 close).
  • Adjusted BWP for an 11 million common unit offering at $30.12 on May 29 (3.7% discount to May 29 close).

The MLP Protocol Monthly Analytics Report for June is now available, the July 2013 report will be available after June 28th.

MLP Protocol Weekly Snapshot report: (click to open) MLPP 053113 Snapshot vFree

About Philip Trinder

President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
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