{
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  "docSlug": "2e2c51daac36a3fcc4cf227ac30c3462",
  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 49 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 6,
  "pageCount": 49,
  "prevPage": 5,
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  "slideType": "appendix_data",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide outlines the structural and financial mechanics of a corporate transaction involving a GP and Midstream entity.",
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  "slideHref": "/slides/019de06f-bb4b-75b1-b9d4-9c2dda2718a3/6",
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      "kind": "disclaimer",
      "text": "Source: Draft Simplification Agreement as of 6-Oct-2018 (the \"Simplification Agreement\"), GP pro forma forecast prepared by Arkose Resources Corporation (\"AR\") and approved by the Conflicts Committee for Goldman Sachs' use (\"GP Pro Forma Forecast\"), Arkose Midstream and Arkose GP 2017 2Q 10-Qs and Bloomberg market data as of 5-Oct-2018\nNote: Midstream forecast prepared by AR and approved by the Conflicts Committee (\"Midstream Forecast\") and certain tax step-up benefits projected to result from the transaction as provided by AR and approved for Goldman Sachs use by the Committee (\"Tax Benefits Forecast\").\n1 Calculated as 1.6350x + ($3.415 divided by current GP 20 Trading Day VWAP of $17.282).",
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      "text": "GP converts into Delaware C-Corp\nGP acquires all outstanding units of Midstream for a mix of cash and stock, issuing a total of 304.5mm shares and paying $598mm in cash in aggregate to holders of Midstream Common Units\nUpstream to receive 1.6023x shares and $3.00 cash per Midstream Common Unit\nMidstream Public Unitholders to receive 1.6350x shares and $3.415 cash per Midstream Common Unit\nLTIP Phantom Units to be converted to equivalent LTIP at New GP at the current all equity exchange ratio offered to public holders of Midstream Common Units (1.8326x)1\nTransaction to include all-equity, all cash and mixed consideration elections for Midstream Public Unitholders, subject to proration such that a fixed number of shares are issued and cash payments are made, with cash portions converted to equity based on GP's 20 Trading Day VWAP at the time of election. Upstream can elect to receive a portion of its consideration in cash instead of equity if there is aggregate cash remaining after Midstream Public Unitholders make their elections, which is subject to proration.\nTaxable transaction to Midstream unitholders\nBasis step up, combined with the step-up from Series B transaction, expected to shield the pro forma company from cash taxes through 2021, with expected minimal (<$20mm) cash taxes in 2022 and substantial tax attributes expected to remain at the end of the forecast period\nAssumed that coverage ratio adjusted so that Midstream unitholders are made whole on dividends relative to standalone distributions on an all equity exchange ratio basis through Q4 2019, pending approval by New GP board",
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      "kind": "title",
      "text": "Summary of Key Terms and Conditions",
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