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Noble Midstream buys interests in Delaware Basin, DJ Basin from parent

Jun. 21, 2017 8:11 AM ETNoble Midstream Partners LP (NBLX) StockBy: Carl Surran, SA News Editor
  • Noble Midstream Partners (NASDAQ:NBLX) agrees to acquire additional interests in Colorado River DevCo in the DJ Basin and Blanco River DevCo in the Delaware Basin from Noble Energy (NBL) for $270M in cash and units.
  • The acquisition will increase NBLX’s interest in Colorado River gathering system to 100% from 80% and in Blanco River to 40% from 25%; NBL will retain the remaining 60% interest in Blanco River.
  • NBLX plans to fund the cash portion of the deal with proceeds via a concurrent private placement of common units.
  • NBLX expects the deal to be immediately accretive to 2017 distributable cash flow, which it now projects at $112M-$125M, resulting in coverage of 1.8x-2.0x.

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