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Stock Market & Financial Investment News

News Breaks
January 28, 2013
06:15 EDTAMIDAmerican Midstream Partners downgraded to Market Perform at Wells Fargo
Wells Fargo downgraded American Midstream Partners to Market Perform from Outperform citing reduced distribution growth assumptions and liquidity constraints. The firm lowered its price target range for shares to $17-$19 from $18-$20.
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August 18, 2014
16:49 EDTAMIDAmerican Midstream Partners revises private placement to $120M from $200M
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August 11, 2014
17:07 EDTAMIDAmerican Midstream Partners closes acquisition of assets from DCP Midstream
American Midstream Partners announced that it completed the acquisition of entities holding offshore oil gathering assets from an affiliate of DCP Midstream. Subsequent to execution of the purchase and sale agreement, or PSA, with DCP announced July 14, DCP notified the partnership that a material customer would be moving its production from Dauphin Island gathering and transmission system, or DIGP, and Mobile Bay. The loss of such customerís production constituted a material adverse effect with respect to such entities. As a result, on August 11, the PSA was amended to exclude the Mobile Bay and DIGP assets and to include only the acquisition of DCPís interest in main pass oil gathering system, or MPOG. In addition, the purchase price was amended to $13.5M. The acquisition closed on August 11 and was funded through borrowings on the partnershipís revolving credit facility. Total consideration for the MPOG assets equates to an adjusted EBITDA multiple of approximately 5.0x to 6.0x for the next twelve months and FY15.
17:03 EDTAMIDAmerican Midstream Partners raises FY14 adjusted EBITDA guidance to $42M-$45M
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17:00 EDTAMIDAmerican Midstream reports Q2 EPS (59c), may not compare to consensus (12c)
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