Antero Midstream: GP going public as AMGP
Posted: Wed May 10, 2017 11:13 am
Initial Public Offering of Antero Midstream GP LP (cut from AR's 10-Q)
On April 6, 2017, in connection with its proposed initial public offering, Antero Resources Midstream Management LLC (“ARMM”)
formed Antero Midstream Partners GP LLC (“AMP GP”), a Delaware limited liability company, as a wholly owned subsidiary, and, on April
11, 2017, assigned it the general partner interest in Antero Midstream. Concurrent with the assignment, AMG GP was admitted as Antero
Midstream’s sole general partner and ARMM ceased to be Antero Midstream’s general partner.
On May 3, 2017, ARMM, which indirectly controls Antero Midstream’s incentive distribution rights, announced the pricing of its initial
public offering of 37,250,000 common shares held by its sole member, Antero Resources Investment LLC (“Antero Investment”), at $23.50 per
common share. The underwriters were granted an option to purchase up to an additional 5,587,500 common shares. ARMM anticipates closing
its initial public offering on May 9, 2017. In connection with the offering, ARMM was converted into a Delaware limited partnership, and, in
connection with such conversion, changed its name to Antero Midstream GP LP (“AMGP”). Neither we nor Antero Midstream will receive any
proceeds from the sale of common shares in this offering.
Following AMGP’s initial public offering and Antero Investment’s anticipated liquidation, certain of our directors and executive officers
will own AMGP common shares as well as profits interests in Antero IDR Holdings LLC, which owns all of Antero Midstream’s incentive
distribution rights. In addition, certain of our directors and executive officers own a portion of Antero Midstream’s common units.
On April 6, 2017, in connection with its proposed initial public offering, Antero Resources Midstream Management LLC (“ARMM”)
formed Antero Midstream Partners GP LLC (“AMP GP”), a Delaware limited liability company, as a wholly owned subsidiary, and, on April
11, 2017, assigned it the general partner interest in Antero Midstream. Concurrent with the assignment, AMG GP was admitted as Antero
Midstream’s sole general partner and ARMM ceased to be Antero Midstream’s general partner.
On May 3, 2017, ARMM, which indirectly controls Antero Midstream’s incentive distribution rights, announced the pricing of its initial
public offering of 37,250,000 common shares held by its sole member, Antero Resources Investment LLC (“Antero Investment”), at $23.50 per
common share. The underwriters were granted an option to purchase up to an additional 5,587,500 common shares. ARMM anticipates closing
its initial public offering on May 9, 2017. In connection with the offering, ARMM was converted into a Delaware limited partnership, and, in
connection with such conversion, changed its name to Antero Midstream GP LP (“AMGP”). Neither we nor Antero Midstream will receive any
proceeds from the sale of common shares in this offering.
Following AMGP’s initial public offering and Antero Investment’s anticipated liquidation, certain of our directors and executive officers
will own AMGP common shares as well as profits interests in Antero IDR Holdings LLC, which owns all of Antero Midstream’s incentive
distribution rights. In addition, certain of our directors and executive officers own a portion of Antero Midstream’s common units.