Edition:
India

Amgp To Acquire Antero Midstream Partners In A Simplification Transaction


Tuesday, 9 Oct 2018 

Oct 9 (Reuters) - Antero Resources Corp ::AMGP TO ACQUIRE ANTERO MIDSTREAM PARTNERS IN A SIMPLIFICATION TRANSACTION.ANTERO RESOURCES CORP - DEAL FOR AGGREGATE CONSIDERATION VALUED AT $31.41 PER AM UNIT.ANTERO RESOURCES-ANTERO MIDSTREAM PARTNERS PUBLIC UNITHOLDERS TO RECEIVE $3.415 IN CASH AND 1.635 SHARES OF NEW AM STOCK PER AM UNIT OWNED.ANTERO RESOURCES CORP - AGGREGATE AMOUNT OF CASH CONSIDERATION PAID TO ALL AM UNITHOLDERS EQUALS ABOUT $598 MILLION.ANTERO RESOURCES CORP - TRANSACTION ESTIMATED TO REDUCE AMGP'S TAX PAYMENTS FROM 2019 THROUGH 2022 BY ABOUT $375 MILLION.ANTERO RESOURCES - TRANSACTION WILL BE FULLY TAXABLE TO BOTH ANTERO RESOURCES AND ANTERO MIDSTREAM PARTNERS' PUBLIC UNITHOLDERS.ANTERO RESOURCES CORP - PV-10 OF TAX SAVINGS TO NEW AM AS A RESULT OF TRANSACTION IS ABOUT $800 MILLION.ANTERO RESOURCES - EXPECTS TO UTILIZE PORTION OF ITS $3 BILLION OF NET OPERATING LOSS CARRYFORWARDS TO SUBSTANTIALLY SHIELD GAIN FROM TRANSACTION.ANTERO - DEAL GIVES DOUBLE DIGIT ACCRETION FOR AMGP, AM ON DISTRIBUTABLE CASH FLOW/SHARE AND PER UNIT BASIS RESPECTIVELY OVER LONG TERM FROM 2019 TO 2022.ANTERO RESOURCES CORP - CASH CONSIDERATION OF TRANSACTION WILL BE FUNDED AT CLOSING BY UTILIZING BORROWINGS UNDER AN AMENDED AM CREDIT FACILITY.ANTERO RESOURCES - AM IS IN PROCESS OF EXERCISING ACCORDION FEATURE ON ITS CREDIT FACILITY, WHICH WOULD INCREASE CAPACITY FROM $1.5 BILLION TO $2.0 BILLION.ANTERO RESOURCES CORP - NEW AM CURRENTLY INTENDS TO TARGET DIVIDEND OF $1.24 PER SHARE IN 2019. 

Company Quote

1.84
0.04 +2.22%
20 Feb 2020