New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 14, 2014
19:08 EDTAMIDAmerican Midstream to acquire DCP Midstream assets for $115M
American Midstream Partners announced the execution of a Purchase and Sale Agreement with an affiliate of DCP Midstream to acquire entities holding onshore natural gas processing and offshore natural gas gathering and transportation and oil gathering assets for consideration of approximately $115M. The acquisition is expected to be funded through the private placement of American Midstream common units. The acquisition is expected to close in August, subject to approval under Hart-Scott-Rodino and other customary closing conditions. The assets to be acquired include the Mobile Bay gas processing plant, Dauphin Island gathering and transmission system, and DCPís interest in the Main Pass Oil Gathering System. American Midstream updated its forecast for 2014 adjusted EBITDA to a range of $44M-$47M and distributable cash flow to a range of $24M-$27M. The updated 2014 forecast includes the assets to be acquired from DCP, including assumptions for costs associated with acquisition integration and company growth, and does not include other acquisitions, drop downs, or asset development projects the partnership is pursuing. Forecasted growth capital expenditures in 2014, which exclude capital for maintenance, were updated to a range of $65M-$70M to account for accelerated capital costs to accommodate faster drilling and higher throughput for the producer customer on the Lavaca natural gas gathering system that is under construction.
News For AMID From The Last 14 Days
Check below for free stories on AMID the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
August 18, 2014
16:49 EDTAMIDAmerican Midstream Partners revises private placement to $120M from $200M
Subscribe for More Information
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
Subscribe for More Information
17:00 EDTAMIDAmerican Midstream reports Q2 EPS (59c), may not compare to consensus (12c)
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use