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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 42 slides",
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  "presentationDate": "2018-03-01 00:00:00",
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  "notes": "The table uses color-coding (green for accretion, red for dilution) to visualize the impact of different purchase premiums on financial metrics.",
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      "kind": "paragraph",
      "text": "Precedents for premiums paid on IDR buyouts are less clear since the transactions to date have largely involved MLPs that are cutting their distribution. The IDR buyout is buying all of the assets of AMGP, but leaves the C-Corp stock trading, so a premium paid for the IDRs would be a point of negotiation; but doubtful that AMGP would be motivated to sell IDRs without a significant premium. DCF accretion at zero premium is greater than AMGP buying AM case at zero premium due to assumptions on Series B exchange. Assumes no synergies per management.",
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      "text": "Source: Company projections. Notes: 1. Calculated as the accretion/(dilution) cumulative for four years.",
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      "text": "Purchase Price Sensitivity – AM Buys IDRs",
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