Andeavor Announces Merger of its MLPs and Financial Repositioning of Andeavor Logistics through IDR Buy-In
WESTERN REFINING LOGISTICS LP (WNRL)
Last western refining logistics lp earnings: 8/8 04:30 pm
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US:NYSE Investor Relations:
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Company Research
Source: GlobeNewswire
• Andeavor Logistics to acquire Western Refining Logistics in a unit-for-unit transaction for a total enterprise value of $1.8 billion, including net debt 0.5233x exchange ratio for WNRL public unitholders0.4639x effective exchange ratio for Andeavor’s WNRL units0.4921x effective blended exchange ratio • 78.0 million ANDX common units to be issued to Andeavor in exchange for the cancellation of IDRs, representing total equity value of: $3.8 billion based on Andeavor Logistics previous closing day price$4.0 billion based on Andeavor Logistics 30 day volume weighted average closing price • Positions Andeavor Logistics as a growth-oriented, full-service and diversified midstream company with at least $1 billion of annual growth investments • Enhances capital structure and improves cost of capital to support sustainable, long-term growth Targets annual distribution growth of 6% or greater, distribution coverage ratio of approximately 1.1x and debt-to-EBITDA at or below 4.0xSignifica
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