American Midstream Partners, LPNYSE
Mon, Oct. 24, 8:15 AM
- American Midstream Partners (NYSE:AMID) agrees to acquire JP Energy Partners (NYSE:JPEP) in an all-stock deal, creating a midstream MLP with a ~$2B enterprise value.
- JPEP's unitholders will receive $8.63/unit in the deal, a 14.5% premium to Friday closing price.
- P-E firm ArcLight Capital Partners, the sponsor of both companies with a 15.6% holding of AMID and 19.8% of JPEP as of June 30, will combine the general partners of the two companies.
- The combined company will own and operate more than 3,100 miles of gathering and transportation pipelines in some of North America's leading basins, including the Permian, Gulf of Mexico, Eagle Ford and Bakken.
Oct. 14, 2014, 2:02 PM
- American Midstream Partners (NYSE:AMID) agrees to acquire Costar Midstream for ~$470M in cash and stock, a deal the company says will add a significant presence in East Texas, the Permian, and the Bakken plays.
- In addition, AMID says it plans to invest $70M-$80M over the next 12-18 months to complete Bakken, Longview rail, and Permian off-spec condensate blending development projects.
- Raises guidance for Q3 adjusted EBITDA to $46M-$48M from $42M-$45M and distributable cash flow guidance to $30M-$32M from $27M-$30M.
- Expects to raise quarterly distribution by 3%-5% beginning with the Q1 2015 distribution payable in May 2015.
- Shares have been halted for most of the day.
Jul. 15, 2014, 7:58 AM
- American Midstream Partners (NYSE:AMID) agrees to acquire entities holding onshore natural gas processing and offshore natural gas gathering and transportation and oil gathering assets from DCP Midstream (NYSE:DPM) for $115M.
- The assets to be acquired include the Mobile Bay gas processing plant, Dauphin Island gathering and transmission system, and DCPs interest in the Main Pass Oil Gathering System, which AMID says collectively provide strong cash flow visibility and a growing, high-quality customer base.
- To fund the deal, AMID plans to sell $200M of its common units in a private placement.
Jan. 22, 2014, 4:40 PM
- American Midstream Partners (AMID) agrees to acquire a ~120-mile natural gas gathering and redelivery system in the Eagle Ford shale from a subsidiary of Penn Virginia (PVA) for ~$100M.
- Upon closing the acquisition, AMID also will enter into a long-term, fee-based gathering agreement where PVA will dedicate for 25 years all current and future natural gas production from the areas served by the system.
- To help pay for the deal, AMID announces a public offering of 3.4M of its common units.