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  "notes": "Includes specific exchange ratios, debt financing terms, and tax/capex assumptions.",
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      "text": "Operational: Asset step-up for tax, depreciation per management, 10% dividend growth through 2020, $4B equity issuance 2016-2017, $20M cost savings, warrant conversion assumptions.",
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      "text": "KMI purchases all of the publicly owned equity in KMP, KMR, and EPB on 1/1/15. All share / unit prices as of 8/8/2014. KMI price: $36.12. Trading Prices: KMP: $80.34 / KMR: $77.02 / EPB: $33.60. Acquisition Prices: KMP: $89.98 / KMR: $89.75 / EPB: $38.79.",
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      "text": "Financing: 88% equity / 12% debt. $4.0B new debt at 4.75%. $200M transaction expenses. Refinancing of 2015-2019 maturities at 4.75%-5.75%.",
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      "text": "Assumes merger consideration: KMP (2.1931x KMI shares + $10.77 cash), KMR (2.4849x KMI shares), EPB (0.9451x KMI shares + $4.65 cash).",
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      "text": "1. Assumptions per KMI management. 2. Adjusted for change in share and unit prices. 3. Per KMI management.",
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