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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 123 slides",
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  "authorName": "Tudor Pickering Holt",
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  "presentationDate": "2018-06-01 00:00:00",
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      "text": "AMGP Ownership Comparison at 1.600x XR",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Transaction effective on 6/30/2018; To acquire AM, AMGP will convert into a C-Corp in a 100% stock transaction; Base case assumes: Each outstanding AM common unit exchanged for 1.6 AMGP shares; All existing Series B units exchanged for 18.5mm AMGP shares; Assumes Company provided pf coverage ratio to drive pf dividend policy; Step-up depreciation due to Capex allocated on a 5-20 year MACRs schedule depending on capex category; Goodwill based on inside tax basis and 704(c) and 743(b) extrapolation provided by PwC; New capex financed by $500mm senior unsecured issuance in 2018, 2019, 2020, and 2022 at a 5.000% interest rate",
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      "text": "Source: FactSet as of 6/21/18. (1) Includes equity issued for Series B unit conversion into AMGP shares. (2) Equity values based on share price as of 6/21/18. (3) Provided by Management.",
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