Antero Midstream Partners (AM) - NYSE
  • Sep. 18, 2015, 7:51 AM
    • Antero Midstream Partners (NYSE:AM) agrees to acquire Antero Resources' (NYSE:AR) integrated water business for $1.05B in a combination of cash, assumed debt and AM units.
    • In addition, AM could receive two potential $125M earn-out payments at year-end 2019 and 2020 if certain fresh water volumetric delivery targets are met.
    • AM also will enter into a 20-year water services agreement covering AR's 534K net acres in West Virginia and Ohio, with a right of first offer on all future areas of operation.
    • "Antero Midstream takes another step towards becoming a full value chain midstream services provider in the Appalachian Basin, and Antero Resources reduces debt by $794M," says AM CEO Paul Rady.
    • Driven by the drop-down acquisition, AM raises its 2015 EBITDA outlook to $170M-$180M from a prior $150M-$160M; also sees 2015 distributable cash flow of $150M-$160M vs. prior guidance of $135M-$145M, and maintains capex guidance of $425M-$450M.
    • The help fund the acquisition, AM will launch a $243M private placement.
    | Sep. 18, 2015, 7:51 AM | 2 Comments
Company Description
Antero Midstream Partners LP owns, operates and develops midstream energy assets. The company's assets consist of gathering pipelines, compressor stations and fresh water distribution systems, through which it provides midstream services to Antero Resources Corp. under long-term, fixed-fee... More
Country: United States