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  "documentTitle": "TransCanada Corp (TRP)",
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  "authorName": "Thomas Sandell",
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  "presentationDate": "2014-11-01 00:00:00",
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  "notes": "The slide uses a 'problem-solution' structure to critique current MLP management and propose an 'All-In' dropdown strategy.",
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      "kind": "callout",
      "text": "TCP 'All-In' Dropdown Increases Funding Optionality With No Risk To Backlog Execution. Plan Increases Distribution Pay-Out At TCP Level, Lowering Deployable Cost Of Equity Capital",
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      "text": "TCP ‘All-In’ Dropdown Increases Funding Optionality With No Risk To Backlog Execution Plan Increases Distribution Pay-Out At TCP Level, Lowering Deployable Cost Of Equity Capital",
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      "text": "A broad change of view is required immediately at TRP to re-set its view of TCP as a partner, not exclusively a 'financing vehicle': View TCP as a partner and dropdown all EBITDA; Retain asset cash flows through LP/GP/IDR distributions; Leverage TCP's low cost of equity capital; Maintain consolidated capitalization.",
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      "text": "This approach to TCP is flawed and short-sighted, leading to TCP being considered an 'orphaned-MLP': Earnings calls and sell-side coverage are perfunctory; High dropdown multiples have left TCP with a low distribution growth profile; Virtually no discussion of strategic/M&A activity.",
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      "text": "Currently TRP views TCP as a 'financing vehicle' for its Capital Program. This view has resulted in the following misguided strategic thinking, in our opinion: Dropdown 'mature' assets into TCP at high multiples for cash proceeds; Fold management/strategic positioning of TCP into TRP; Dropdown timing/multiple determined by TRP growth capital needs.",
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      "kind": "source-note",
      "text": "Source: Company filings, Internal Work, $1.1/US$1.0",
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      "kind": "title",
      "text": "Fully Utilize MLP: Re-Set View Of TCP As Strategic Partner, Catching Up With Industry Competitors",
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      "kind": "title",
      "text": "TransCanada Corp: Un-TRPing Shareholder Value",
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