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  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 69 slides",
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  "presentationDate": "2018-03-01 00:00:00",
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  "notes": "The slide outlines strategic objectives and quantitative volume estimates for 2019 and 2020 earn-outs.",
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      "text": "Key considerations for a potential offer by AR to AM in connection with an early settlement of the earn-out of the fresh water delivery business (\"Earn-Out\")\nGoals for AR may include the following:\n- Maximize the cash proceeds received near term from any settlement\n- Conduct a relatively expedited negotiation process with the AM Special Committee, keeping in mind other likely transactions being considered\n- Enter into a transaction that would be seen as a \"win-win\" by both AR and AM investors\nUsing Street and Management estimates, reaching the 2019 Earn-Out seems certain and reaching the 2020 Earn-Out seems likely, but less certain\n- For the 2019 Earn-Out, volumes are expected to be 11% above the threshold (184Kbbld Street and 178Kbbld Management vs. 161Kbbld Earn-Out trigger)\n- For the 2020 Earn-Out, volumes are expected to meet the threshold (217Kbbld Street and 200Kbbld Management vs. 200Kbbld Earn-Out trigger)\nKey topics to consider include:\n- Discount rate applied to the Earn-Out\n- Any risking factor applied to the 2020 Earn-Out\nPotential value to AM of any of the following:\n- Raising the volume level of the existing MVCs\n- Extending the tenor of the MVC commitments",
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      "text": "Water Earn-out Executive Summary",
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