The July MLP Monthly Report can be found here offering insights on MLP industry news, the asset class’s performance, yields, valuations, and fundamental drivers. 1) Boardwalk Pipeline Partners, LP (NYSE:BWP) announced that Loews exercised its right to acquire all of the outstanding common units of BWP.
Post the transaction, Loews, will fully own BWP and BWP will cease to be publicly traded. 2) Devon Energy (NYSE:DVN), the sponsor to Enlink Midstream (NYSE:ENLK) will sell its stake in the Enlink Midstream complex which includes Enlink Midstream, LLC (NYSE:ENLC) to an affiliate of Global Infrastructure Partners (GIP) for $3.125 billion.
Post the transaction, GIP will own 64% equity interest in ENLC and 23% equity interest in ENLK. The Enlink entities are expected to remain publicly traded.
3) Tallgrass Energy Partners, LP (NYSE:TEP) and Tallgrass Energy GP, LP (TEGP) completed their merger on July 2nd. TEGP was renamed as Tallgrass Energy, LP, with a new ticker, TGE, and will be taxed as a C-Corp. TGE expects to incur no federal income taxes for an estimated period of at least 10 years.
Sources: Boardwalk Pipeline Partners, LP, Enlink Midstream, Reuters, Tallgrass Energy Partners, LP and CNBC. Performance: Midstream MLPs, as measured by the Solactive MLP Infrastructure Index, fell -1.6% last month as uncertainty within the space continued to cause weakness. Read more from seekingalpha.com…
thumbnail courtesy of seekingalpha.com