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  "documentTitle": "Bank of America | Investment Banking Pitch Book | 30 slides",
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  "authorName": "BofA Securities",
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  "presentationDate": "2023-02-01 00:00:00",
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  "notes": "Includes specific financial metrics regarding SIRE's distribution yield, trading volume, and annual cash flow costs.",
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      "text": "MLP Market Backdrop",
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      "text": "MLPs across all sectors continue to struggle to attract new public investors and have experienced negative fund flows, resulting in very limited access to equity capital\nSmall, low float MLPs have been more negatively impacted given lack of scale, trading liquidity and poor institutional interest\nEven in the context of solid underlying business fundamentals and reasonably high payout ratios, MLPs broadly have experienced increasingly high dividend yields. Consequently, several sponsors have opted to execute simplification transactions or take their partnerships private\nThere have been 29 MLP take privates since the beginning of 2018, with very few sponsored MLPs currently remaining",
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      "text": "SIRE is an expensive source of capital – With its ~11% distribution yield, SIRE no longer serves the MLP’s original purpose of providing a low cost source of capital\nSIRE does not provide access to capital and likely will not in the future – There is no clear catalyst to restore access to MLP capital markets as investor sentiment has permanently shifted away from the MLP model. Additionally, SIRE will struggle to attract MLP investors with its average daily trading value of $290,000, de minimus trading activity, and lack of research analyst coverage\nOpportunity to retain cash flows – SIRE costs SCR ~$11MM of cash flow per year through distributions to public unitholders and public company costs, which could otherwise be reinvested into the business\nOpportunity to simplify structure – A take private allows SCR to reduce management burden, simplify organizational structure, eliminate public company expenses and increase flexibility to execute desired strategy",
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      "kind": "paragraph",
      "text": "BofA believes a take private of SIRE may be the best path forward for SCR for the following key reasons:",
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      "kind": "paragraph",
      "text": "BofA Securities, Inc. (\"BofA\") appreciates the opportunity to meet with Sisecam Chemicals Resources LLC (\"SCR\") to discuss our views on a potential take private of Sisecam Resources LP (\"SIRE\")",
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