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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 122 slides",
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  "authorName": "Tudor Pickering Holt",
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  "presentationDate": "2018-08-01 00:00:00",
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  "notes": "Includes a summary section at the bottom with medians and means for C-Corp, Affiliate, and 3rd Party transactions, plus the specific AMGP proposal.",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Note: Considers transactions where target is an MLP. (1) Based on Wall Street research. (2) Non-adjusted transaction TEV values affiliated and non-affiliated units at offer price. (3) Adjusted transaction TEV value affiliated units at market price and non-affiliated units at offer price. (4) Illustrative transaction value for PF AMGP at AMGP Proposal includes conversion of Series B units, AH existing debt, and the purchase of AH units outstanding. Excluded transaction fees. Premium to Series B implied current XR of 1.871. (5) Illustrative transaction value for PF AMGP at AM Proposal includes conversion of Series B units, cash consideration to avoid share selling, AH existing debt, and the purchase of AH units outstanding. Excluded transaction fees. Assumes cash consideration of $3.84 per public unit outstanding. Premium to Series B implied current XR of 1.871.",
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      "text": "Source: Company filings, press releases, presentations and FactSet for pricing data. Represents precedent MLP transactions by affiliated and third party MLPs, Public GPs and C-Corps since 2011.",
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