RECENT RELEASES
Regency Energy Partners, LP-
Business
Regency Energy Partners, LP (“Regency”, NYSE: RGP) was a publicly traded master limited partnership (“MLP”) midstream natural gas services company based in Dallas, TX. The company was engaged in the gathering and processing, contract compression and transportation, fractionation and storage of natural gas and natural gas liquids with assets primarily located in Arkansas, Kansas, Louisiana, Oklahoma and Texas. Regency’s general partner was majority owned by Energy Transfer Equity, L.P. (“ETE”, NYSE: ETE).
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Harvest Partners Investment
In September 2009, Harvest made a capital investment in Regency’s Series A Convertible Preferred Units to fund certain growth projects. Harvest converted preferred units to common units of Regency and sold shares in the open market with a final exit in September 2013.
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Investment Thesis
- Fee-based, recurring revenue stream
- High growth operating regions
- Substantial accretive growth opportunities
- Positive industry outlook and high entry barriers
- Seniority in the capital structure with attractive cash yield
