Monthly Archives: October 2013

ARCX IPO Preview Nov 2013

Posted on October 31, 2013 by Philip Trinder

Arc Logistics Partners, LP (ticker ARCX) is currently out on its IPO roadshow and looking to raise $120 million by selling 6 million common units (before the over-allotment) at a mid-point price of $20 with an indicated mid-point yield of 7.75%. … Continue reading →

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MLP Protocol 102513

Posted on October 27, 2013 by Philip Trinder

Key Adjustments: Adjusted Crestwood Midstream Partners (CMLP) for the 14 million common unit offering at $21.19 on October 21 (5.2% discount to pre-announcement closing price on October 17). Added Sprague Resources (SRLP) to the Downstream & Marketing MLP segment after … Continue reading →

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Short Interest Trends for the Kinder Morgan Group 102513

Posted on October 25, 2013 by Philip Trinder

Below please find an update on the total number of shares and units sold short across the four Kinder Morgan entities (as an indicator of how much traction Hedgeye’s short thesis is achieving in the market place). The following chart shows … Continue reading →

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SRLP IPO Preview Oct 2013

Posted on October 22, 2013 by Philip Trinder

Sprague Resources, LP (ticker SRLP) is currently out on its IPO roadshow and looking to raise $170 million by selling 8.5 million common units (before the over-allotment) at a mid-point price of $20 with an indicated mid-point yield of 8.25%. They … Continue reading →

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Short Interest Trends for the Kinder Morgan Group 102113

Posted on October 21, 2013 by Philip Trinder

Below please find an update on the total number of shares and units sold short across the four Kinder Morgan entities (as an indicator of how much traction Hedgeye’s short thesis is achieving in the market place). The following chart shows … Continue reading →

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MLP Protocol 101813

Posted on October 19, 2013 by Philip Trinder

Key Adjustments: Added Plains GP Holdings (PAGP) to the General Partner segment after its IPO at $22 on October 15. I remain surprised by the reception of the PAGP IPO, perhaps the total deal size of near $3 Billion was so large that … Continue reading →

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PAGP IPO Preview Oct 2013

Posted on October 14, 2013 by Philip Trinder

Plains GP Holdings, L.P. (ticker PAGP) is currently out on its IPO roadshow and looking to raise $3.0 billion by selling 128 million common units (before the over-allotment) at a mid-point price of $23.50 with an indicated mid-point yield of ~2.5%. … Continue reading →

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MLP Protocol 101113

Posted on October 14, 2013 by Philip Trinder

Key Adjustments: On October 7, Crestwood Midstream Partners (CMLP) announced that the merger of Crestwood and Inergy has been completed. As a result Inergy Midstream (NRGM) was adjusted and renamed Crestwood Midstream Partners (CMLP) was removed and Inergy (NRGY) was adjusted and renamed Crestwood Equity Partners … Continue reading →

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WNRL IPO Preview Oct 2013

Posted on October 7, 2013 by Philip Trinder

Western Refining Logistics, LP (ticker WNRL) is currently out on its IPO roadshow and looking to raise $250 million by selling 12.5 million common units (before the over-allotment) at a mid-point price of $20 with an indicated mid-point yield of 5.75%. … Continue reading →

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MLP Protocol 100413

Posted on October 6, 2013 by Philip Trinder

Key Adjustments: Adjusted SunCoke Energy Partners (SXCP) for the acquisition of 100 percent of the ownership interest in Kanawha River Terminals LLC (“KRT”) for $86 million. SXCP financed this acquisition with a combination of available cash and its existing revolving credit facility. KRTs operations are … Continue reading →

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