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 the Weekly Snapshot.

Other News:

  • On July 8, Eagle Rock Energy Partners (EROC) announced the successful startup of its previously announced 60 MMcf/d cryogenic processing facility in Wheeler County, Texas, in the heart of the prolific Granite Wash play. The construction of the facilities, associated gathering and pipelines cost approximately $65M. (Press Release)
  • On July 8, AmeriGas Partners (APU) announced that Heritage ETC, L.P., an affiliate of Energy Transfer Partners, L.P. (ETP), has commenced a public underwritten offering of 6 million APU units that it currently holds. The offering was upsized to 7.5 million units and priced at $47.60 on July 9 (4.4% discount to July 8 close). APU will not receive any of the proceeds and the total outstanding units will not change. (Press Release)
  • On July 10, Capital Products Partners (CPLP) announced agreements to transfer its claims against Overseas Shipholding Group Inc. (OSG) to Deutsche Bank. The total purchase price to be paid by Deutsche Bank, the largest part of which has been already received, is dependent on the actual claim amount allowed by the Bankruptcy Court. The Partnership may be required to refund a portion of the purchase price or may receive an additional payment from Deutsche Bank. (Press Release)
  • On July 10, USA Compression Partners (USAC) announced today that William G. “Bill” Manias will replace Kevin M. Bourbonnais as Vice President and Chief Operating Officer. Mr. Bourbonnais has given notice of resignation to pursue new opportunities outside the compression industry. To ensure a smooth transition, Mr. Bourbonnais has agreed to remain available to the Company through at least the end of August. Mr. Manias will start in his new role effective July 15.  (Press Release)
  • On July 12, KNOT Offshore Partners (KNOP) announced today that it has entered into an agreement to acquire the shuttle tanker Carmen Knutsen for a purchase price of $145 million. The acquisition is expected to close on or before August 1, 2013, subject to customary closing conditions. KNOP management recommends its board approve a $0.05-$0.07 increase in the quarterly cash distribution for the third quarter. (Press Release)

IPO Filings:

  • On July 8, OCI Resources (OCIR) filed its initial IPO S-1 filing (Filing). OCIR operates the trona ore mining and soda ash production business of OCI Wyoming, which is one of the largest and lowest cost producers of soda ash in the world and has been in operation for more than 50 years.

The MLP Protocol Monthly Analytics Report for July is now available, the August 2013 report will be available the weekend of July 26.

MLP Protocol Weekly Snapshot report: (click to open) MLPP 071213 Snapshot vFree

About Philip Trinder

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