Greenhill Discussion Materials to Inergy April 3 2017

greenhill-discussion-materials-to-inergy-april-3-2017 · 2017-01
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SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
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Slide 1
Greenhill branding present.front_matter
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front_matter
03
establish_context
Open slide detailBeat · Situation & Context
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The slide compares two entities (NRGY and NRGM) across two categories of scenarios (Standalone vs Transaction) using a table format.analyze_data
Open slide detailBeat · Situation & Context
05
Includes company overview, financial table, total return line chart, and distribution coverage bar chart.establish_context
Open slide detailBeat · Situation & Context
06
Includes a logo grid of portfolio companies and a leadership bio table.establish_context
07
Market data as of 4/1/2013.compare_peers
Open slide detailBeat · Problem & Complication
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front_matter
Open slide detailBeat · Problem & Complication
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Proposed transactions described herein subject to necessary Board approvalspresent_solution
Open slide detailBeat · Problem & Complication
10
The slide outlines key procedural and structural conditions for a merger.summarize
11
The slide illustrates a complex corporate restructuring involving multiple entities (Crestwood, Inergy, NRGY, NRGM, CMLP).illustrate_case
Open slide detailBeat · Evidence & Proof
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The slide outlines a complex corporate restructuring involving GP control, IDRs, and unit exchanges.present_solution
Open slide detailBeat · Evidence & Proof
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The slide uses a process flow diagram to illustrate a corporate restructuring step.present_framework
Open slide detailBeat · Evidence & Proof
14
The slide depicts a pro forma partnership structure.establish_context
Open slide detailBeat · Evidence & Proof
15
front_matter
Open slide detailBeat · Evidence & Proof
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front_matter
Open slide detailBeat · Evidence & Proof
17
Market data as of 4/1/2013. CH refers to Crestwood Holdings.analyze_data
Open slide detailBeat · Evidence & Proof
18
Includes terminal value assumptions and CAGR calculations for 2014E-2017E.analyze_data
Open slide detailBeat · Evidence & Proof
19
The slide compares status quo CMLP distributions against a pro forma scenario involving NRGM spin and MLP merger, highlighting the premium/discount to current uanalyze_data
Open slide detailBeat · Evidence & Proof
20
Includes three distinct sensitivity tables for different entities.analyze_data
Open slide detailBeat · Evidence & Proof
21
front_matter
Open slide detailBeat · Solution & Approach
22
Market data as of 4/1/2013. CH refers to Crestwood Holdings.analyze_data
Open slide detailBeat · Solution & Approach
23
Includes pro forma financial projections and terminal value assumptions for both entities.analyze_data
Open slide detailBeat · Solution & Approach
24
The slide compares status quo CMLP distributions against pro forma NRGM distributions, highlighting the implied value to unitholders.analyze_data
Open slide detailBeat · Solution & Approach
25
Includes three sensitivity tables for different entities.analyze_data
Open slide detailBeat · Solution & Approach
26
front_matter
Open slide detailBeat · Solution & Approach
27
Includes detailed breakdown of EBITDA, cash flow, unit counts, accretion/dilution, and debt metrics.analyze_data
Open slide detailBeat · Solution & Approach
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Includes detailed breakdown of EBITDA, cash flow, distributions, unit counts, and leverage ratios.analyze_data
Open slide detailBeat · Solution & Approach
29
Includes 'Has/Gets' valuation logic for NRGY and NRGM units under different dropdown and spin scenarios.analyze_data
Open slide detailBeat · Solution & Approach
30
Includes a special distribution adjustment of $0.42 spread across 2014E and 2015E.analyze_data
Open slide detailBeat · Solution & Approach
31
front_matter
Open slide detailBeat · Impact & Next Steps
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Includes detailed line items for EBITDA, distributable cash flow, unit counts, and debt metrics across 2014E-2017E.analyze_data
Open slide detailBeat · Impact & Next Steps
33
Includes standalone, adjustments, and pro forma columns for a 5.0% premium scenario.analyze_data
Open slide detailBeat · Impact & Next Steps
34
Includes a 'Has/Gets' valuation framework comparing current unit price to pro forma value with associated distribution yields.analyze_data
Open slide detailBeat · Impact & Next Steps
35
The slide details the accretion/dilution impact of the NRGM acquisition of CMLP at a 5.0% premium.analyze_data
Open slide detailBeat · Impact & Next Steps
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front_matter
Open slide detailBeat · Impact & Next Steps
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Includes a timeline-style comparison of gathering volumes and a process-flow diagram of the value chain.summarize
Open slide detailBeat · Impact & Next Steps
38
Includes a map of core assets, a pie chart of revenue, and two tables detailing financial activity.analyze_data
Open slide detailBeat · Impact & Next Steps
39
appendix
Open slide detailBeat · Impact & Next Steps
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appendix
Open slide detailBeat · Impact & Next Steps
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The slide includes a 'Highly Confidential' tag and a 'Greenhill' logo, indicating it is likely from an investment banking presentation.appendix
Open slide detailBeat · Impact & Next Steps
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Part of an appendix section detailing board member backgrounds.appendix
Open slide detailBeat · Impact & Next Steps
43
front_matter
Open slide detailBeat · Impact & Next Steps
44
Includes a calendar view with color-coded key dates and a three-column table mapping activities to timing and responsible parties.plan_implementation
Open slide detailBeat · Impact & Next Steps