Master Limited Partnerships

News & Analysis as of

"Managing Related-Party Transactions With Yieldco and MLP Vehicles After El Paso Pipeline"

Sponsors generally form a yieldco or a master limited partnership (MLP) because the structure of these permanent capital vehicles allows for the issuance of equity to investors at a lower cost of capital, providing a...more

It’s All About the Process: Lessons from Delaware Court on MLP’s Conflicts Committee Approval

On April 20, 2015, the Delaware Court of Chancery issued a post-trial opinion in the case In Re: El Paso Pipeline Partners L.P. (C.A. No. 7141-VCL), finding El Paso Pipeline GP Company LLC, the general partner (GP) of El Paso...more

Renewable Structures: Choices and Challenges

Since the first wind deal utilizing a partnership in 2003 (also known as a “partnership flip,” a “pre-tax after-tax partnership,” or a “wind safe harbor partnership structure”), there has been a constant evolution of...more

2015 IPO Study

In this Issue: - Executive Summary - 2014 Overview - Year-Over-Year Analysis - Health Care - Technology, Media & Telecommunications - Energy & Power - Financial Services - Industrials -...more

Moratorium On MLP Private Letter Rulings To End Immediately

Through our contacts with the various lobbying groups for Master Limited Partnerships (MLPs) in Washington D.C., Thompson & Knight’s Energy and Tax Practice Groups learned this afternoon that, effective as of today, the IRS...more

Locke Lord QuickStudy: The Fate of Partnerships Under President Obama’s 2016 Proposed Budget

On Monday, February 2, President Obama formally released his 2016 budget proposal and, as expected, it contained numerous changes to the Internal Revenue Code. ...more

"'Yieldcos' Present a New Growth Model for Renewable Energy Companies"

In the past few years, many energy companies with investments in renewable energy projects have considered forming “yieldcos,” with five formations in 2013 and 2014. A yieldco is a growth-focused public company, typically...more

Sol-Wind’s IPO Compared to YieldCos & Structures of Other MLPs

Yesterday, Sol-Wind filed its S-1 with the Securities & Exchange Commission for its listing on the NYSE. Its ticker symbol will be SLWD. Here is a link to my structure diagrams for Sol-Wind and comparisons of it to a...more

Midstream MLP Merger Mania Maintains Momentum

The market’s notable uptick in MLP-to-MLP M&A activity, often preceded by an acquisition of the target MLP’s general partner, follows a trend we recently identified. At least five MLP M&A transactions have been...more

Stephanie Pindyck Costantino Talks Domestic Oil and Gas M&A with The Deal [Video]

Amanda Levin, senior writer at The Deal, sat down with Stephanie Pindyck-Costantino, of counsel at Pepper Hamilton LLP, to talk about the robust domestic oil and gas M&A scene. The Bakken shale play has been of great...more

Four Trends in Master Limited Partnership M&A in 2014

MLP merger and acquisition activity can take a number of different forms to unlock value for sponsors and unitholders. Background - In the first half of 2014, master limited partnership (MLP) mergers and...more

The Next Big Thing for Companies Outside the US: US IPOs Using a Yield-oriented Structure

Ten practical considerations can help companies around the world tap the significant US capital market with IPOs. Investors in the United States continue the search for yield. Over the past several years, over 60...more

Joint Development Trends in Oil & Gas Transactions

The development of shale plays continues to be the focus of the energy industry. According to the U.S. Energy Information Administration, almost a quarter of the estimated natural gas resources in the U.S. and approximately...more

The Oklahoma MLP Quarterly - 1Q 2014

The Oklahoma MLP Quarterly highlights changes in taxation, law and capital markets that affect master limited partnerships who have headquarters located in, or significant contacts with, Oklahoma. The publication is...more

Comparison of Typical MLP and Yieldco Structures

The rise of master limited partnerships (MLPs) as an asset class has coincided with investors’ desire for stable and growing cash flow. In 2013, there were 21 initial public offerings (IPOs) of MLPs and more are on the way in...more

Joint Development Trends in Oil & Gas Transactions

The development of shale plays continues to be the focus of the energy industry. Producers have been rapidly developing these formations; however, there is a shortage of infrastructure to gather and process the resultant...more

Master Limited Partnership Year in Review: 10 MLP Observations from 2013

Last year’s surge in MLP activity likely will continue as investors grow increasingly familiar with the structure and its benefits. 2013 was a year of unprecedented growth in the number of publicly traded MLPs, as well...more

Policemen’s Annuity and Benefit Fund of Chicago, Illinois v. DV Realty Advisors LLC, C.A. No. 7204-VCN (Nov. 27, 2013) (Noble,...

In this letter opinion, the Court of Chancery (1) ruled that the removal of a general partner did not convert the general partner’s interest into a limited partnership interest, and (2) valued the removed general partner’s...more

Baucus Post-2016 Proposal: No Change to PTC & ITC Reduced to 20 Percent

Today, the chairman of the Senate Finance Committee, Max Baucus (D-MT), released his proposal for energy tax incentives as part of overall tax reform. The proposal is thoughtful and merits serious consideration by the...more

10 MLP Governance Facts

MLPs possess unique governance characteristics as compared to corporations.The number of master limited partnerships (MLPs) has grown significantly over the past five years, increasing from 59 in 2009 to over 100 in 2013. An...more

Issues and Complexities: Evaluating an MLP at 4 Key Points in the IPO Process

Understanding what and when decisions need to be made can help companies ensure a smooth MLP IPO process. The number of master limited partnerships (MLPs) has grown significantly over the past five years, increasing...more

MLP Renewables Bill Scored at a Modest $1.3 Billion

Senator Coons (D-DE), the lead sponsor of the Master Limited Partnership Parity Act (S. 795), has received the scoring estimate for that bill from the Joint Committee on Taxation. According to the senator’s office, it is...more

Ten Offshore MLP Facts

Offshore MLPs can provide a tax efficient vehicle for investors, but only if structured properly. A master limited partnership (MLP) is a partnership or limited liability company traded on a stock exchange that...more

Structuring an MLP Finance [Video]

Latham & Watkins Partner Catherine Ozdogan talks about structuring an Master Limited Partnership (MLP) financing. Considerations for MLP Financing include: - Understanding of what's going on in the marketplace -...more

The Oklahoma MLP Quarterly 3Q 2013

Colleagues and Friends, It is with great pleasure that we circulate to you the inaugural edition of T he Oklahoma MLP Quarterly — a publication focused on master limited partnerships, or MLPs, in our great state....more

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