MLP IPO Review: Lehigh Gas Partners, LP (“LGP”)

My thoughts on the IPO can be found in a Seeking Alpha article here: MLP IPO Review: Lehigh Gas Partners, LP

Financial Filings: LGP SEC Filings

Roadshow Slides in pdf format: LGP IPO Roadshow Slides

About Philip Trinder

President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
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5 Responses to MLP IPO Review: Lehigh Gas Partners, LP (“LGP”)

  1. Understood and thank you very much for clarifying. I did try and send you an email to “” this morning just not sure if it went through. Have a great weekend!


  2. says:

    i’m wrong, it is only worth a few million add back.

  3. says:

    i think you are missing something. it is my understanding that the rent expense in the P&L largely relates to those financing obligations, so if you include those as debt you should take out the rent expense. what is your email address or phone number, i will call you direct to chat.

  4. Hi nogone,

    Thanks for reading and commenting. It looks like the $71.2 million of Financing Obligations should be treated like debt based on the pro forma cap table and the $44.6 million of estimated EBITDA is before any payments on those obligations but let me know if I am missing something, thanks.


  5. says:

    i think you are double counting with regard to the financing liabilities: if you are going to include them int he EV you need to deduct the rent expense associated with them from EBITDA. i think the leverage is actually only 97mm. changes the whole valuation…

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