{
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  "docSlug": "77784122d4ddd9a78fe0f503e309f947",
  "documentTitle": "DT Midstream | Investor Presentation Deck | 26 slides",
  "authorId": "dt-midstream",
  "authorName": "DT Midstream",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2022-09-01 00:00:00",
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      "kind": "image",
      "text": "Map of natural gas pipelines and markets in the Northeastern US, showing Millennium Pipeline, New England markets, and New York City.",
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      "text": "Transaction overview\nEntered into an agreement to acquire National Grid's 26.25% ownership interest in Millennium Pipeline\n~$552 million purchase price represents a 10x multiple of 2023 Adjusted EBITDA1\nImmediately accretive - financing via cash on hand and existing revolving credit facility drawings\nExpected to close in Q4 20222 bringing DTM's total ownership to 52.5%\n$12 to $14 million incremental Adjusted EBITDA contribution expected in 20223",
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      "text": "Asset details\n~263 miles of pipeline with ~2 Bcf/d capacity (~1.2 Bcf/d east/~0.8 Bcf/d west)\nDTM is a founding developer and owner since the pipeline in-service date in 2008\nFully-contracted under long-term take-or-pay agreements with credit worthy customers\nRobust market (Algonquin, Columbia, Empire, Tennessee Gas, EGTS) and supply (Bluestone, Stagecoach, Laser) connectivity",
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      "text": "1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in the appendix\n2. Subject to regulatory approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Act, and other customary closing conditions\n3. Subject to close timing and other customary adjustments",
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      "kind": "title",
      "text": "Increased ownership in a premier natural gas asset serving key demand markets",
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      "evidence": "The presentation deck then outlines the company's growth opportunities and solutions, including increased ownership in natural gas assets and expansion of the LEAP system",
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