Monthly Archives: July 2013

ASC IPO Preview July 2013

Ardmore Shipping Corporation (ticker ASC) is currently out on its IPO roadshow and looking to raise $160 million by selling 10 million shares (before the over-allotment) at a mid-point price of $16 with an indicative yield of 2.5%. They currently expect to price … Continue reading

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MLP Protocol 072613

Key Adjustments: Adjusted CMLP for the Jackalope Gas Gathering acquisition. Added Phillips 66 Partners (PSXP) to the Crude & Refined Products peer group after its wildly successful IPO on July 22. PSXP priced at $23, up 15% from mid-point price of … Continue reading

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CVRR 2013 Guidance Update and Yield Estimates

CVRR’s management has graciously been providing distribution guidance since going public this past January. Here’s how that guidance has changed over the past six months: In the IPO Prospectus on pages 63-64 they provided an estimate for Full Year 2013 Distributions … Continue reading

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FISH IPO Preview July 2013

Marlin Midstream Partners, LP (ticker FISH) is currently out on its IPO roadshow and looking to raise $125 million by selling 6.25 million common units (before the over-allotment) at a mid-point price of $20 with an indicated mid-point yield of 7.00%. They … Continue reading

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MLP Protocol 071913

Key Adjustments: Adjusted EQM for a 11 million common unit offering at $43.50 on July 16 (6.3% discount to July 15 close, upsized from original deal size of 10 million units) and made pro forma adjustments for the Sunrise Pipeline acquisition. … Continue reading

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PSXP IPO Preview July 2013

Phillips 66 Partners, LP (ticker PSXP) is currently out on its IPO roadshow and looking to raise $300 million by selling 15 million common units (before the over-allotment) at a mid-point price of $20 with an indicated mid-point yield of 4.25%. … Continue reading

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JONE IPO Preview July 2013

Jones Energy, Inc. (ticker JONE) is currently out on its IPO roadshow and looking to raise $252 million by selling 14 million shares (before the over-allotment) at a mid-point price of $18. They currently expect to price the deal July 23. Jones Energy is … Continue reading

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MLP Protocol 071213

Key Adjustments: Adjusted NGL for a 9 million common unit offering at $29.00 on July 9 (7.7% discount to July 8 close). Distribution announcements for the second quarter have commenced so the Distribution Growth summary page is now included in … Continue reading

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NYLD IPO Preview July 2013

NRG Yield, Inc. (ticker NYLD) is currently out on its IPO roadshow and looking to raise $391.5 million by selling 19.575 million shares (before the over-allotment) at a mid-point price of $20 with an indicated mid-point yield of 6.0%. They currently expect to price … Continue reading

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MLP Protocol 070513

Key Adjustments: Adjusted distribution estimates for LINE to exclude the possible BRY acquisition in light of the current price moves making it look unfavorable for BRY shareholders. Adjusted all Upstream MLPs to be rated as Extremely Risky (a few were Very Risky) given the … Continue reading

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