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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 DCPs 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.
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