MLP Protocol 011113

Key adjustments from last week:

  • Adjusted CLMT for a 5.0 million unit equity offering at $31.81 on January 7.
  • Adjusted TLLP for an 8.5 million unit equity offering at $41.70 on January 8.
  • Adjusted XTEX for a 7.5 million unit equity offering at $15.15 on January 8.
  • Added a Price / Distributable Cash Flow per LP Unit Ranking page to the Weekly Snapshot report. (Subscriber Version)
  • Added a Distribution Coverage Ratio (“DCR”) Watchlist page to the Weekly Snapshot report to highlight MLPs that have a DCR less than or equal to 0.90x, which increases the possibility of a distribution reduction. (Subscriber Version)
  • Also moved the pages that rank the entire space up to the front. (Subscriber Version)

MLP IPOs currently out on the road:

  • USA Compression Partners, L.P. (ticker USAC, Gathering & Processing, closest peers EXLP, GSJK) looking to price $200 million at an 8.5% yield on Monday 1/14/13.
  • CVR Refining, L.P. (ticker CVRR, Downstream & Marketing, Variable Rate, closest peers ALDW, NTI) looking to price $500 million at an estimated 18.9% yield on Wednesday 1/16/13.
  • SunCoke Energy Partners, L.P. (ticker SXCP, Coal, coke production plants so no closest MLP peer, placing in Coal MLP segment since they are part of that value chain) looking to price $270 million at an 8.25% yield on Thursday 1/17/13.
  • You can view videos of their roadshows here: Retail Roadshow They remove the videos on the night the IPOs price. The SXCP roadshow even has a fun 4 minute video first before the management presentation.

The MLP market is off to a much quicker start than 2012 so it will be interesting to see if there is enough buying demand for all of this supply.

The MLP Protocol Monthly Analytics Report for January is now available, the February 2013 report will be available after February 1st.

MLP Protocol Weekly Snapshot report: MLPP 011113 Snapshot vFree

About Philip Trinder

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