MLP Protocol 111513

Key Adjustments:

  • Adjusted Crestwood Midstream Partners LP (CMLP) for its acquisition of Arrow Midstream Holdings, LLC (“Arrow”) for approximately $750 million. (Press Release)
  • Added Dynagas LNG Partners (DLNG) after its IPO at $18 on November 12, initial indicated yield of 8.1%.
  • Adjusted BreitBurn Energy Partners (BBEP) for a 16.5 million common unit offering at $18.22 on November 12 (4.4% discount to close, offering was upsized from 15 million units).
  • Adjusted New Source Energy Partners (NSLP) for its MCE acquisition, please see additional detail below.
  • Some numbers and rankings will remain slightly fluid until all the 3Q13 financial information has been updated (91 companies have been updated).

News Items:

  • On November 11, Transocean Ltd. (RIG) announced an agreement with Carl Icahn, covering various items and including pursuing an MLP IPO “to be completed around the middle of 2014 with a minority interest sold at that stage.” (Press Release)
  • On November 14, New Source Energy Partners (NSLP) announced that it acquired MCE, LP, and its general partner, MCE GP, LLC (together referred to as “MCE”). The transaction closed on November 12, 2013 with an effective date of November 1, 2013. MCE was acquired from its previous owners, which includes Kristian Kos, for approximately $43.6 million in total initial consideration, to be paid in approximately $3.8 million in cash and 1,847,265 New Source common units, valued using a volume weighted average trading price for the period between August 21, 2013 and November 11, 2013 of $21.55 per common unit. (Press Release)
  • On November 14, Susser Petroleum Partners (SUSP) announced the signing of a definitive agreement to acquire substantially all of the convenience store assets and fuel distribution contracts of Sac-N-Pac Stores, Inc. and 3W Warren Fuels, Ltd. (Press Release)
  • On November 15, Magellan Midstream Partners (MMP) announced that it has closed on its previously-announced acquisition of Rocky Mountain pipeline assets from Plains All American Pipeline (PAA). Magellan funded the $135 million purchase price primarily with proceeds from the partnership’s recent debt offering. (Press Release)

IPO Filings:

  • American Petroleum Tankers Partners, LP (JAT) IPO has been withdrawn. (Filings)

The MLP Protocol Monthly Analytics Report for November is now available, the December 2013 report will be available the weekend of November 29.

MLP Protocol Weekly Snapshot report: (click to open) MLPP 111513 Snapshot vFree

About Philip Trinder

President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
This entry was posted in Weekly Updates and tagged , , , , , , , , . Bookmark the permalink.