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Vanguard Natural Resources LLC | Acquisition of Eagle Rock Energy Partners LP | Scott W. Smith | Page 8 of 11 | November 23, 2024

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toolButton prevButton nextButton prevKeyButton nextKeyButton prevKeyButton nextKeyButton byDateAscButton byDateDescButton byCompanyNameAscButton byCompanyNameDescButton hidden hidden		Document: "Acquisition of Eagle Rock Energy Partners LP" View Full Document		× Search Selection Search by Text Search Search by Slide Search Cross reference your docFinder results against PLS' extensive news archives. For demo or training contact Melwyn Oommen, melwyn.oommen@drillinginfo.com
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Pro Forma Capitalization and Liquidity VNR + LRE + EROC ? Expected to improve 2014 and 2015 and beyond leverage metrics 8 (1) Based on ~3.2 million RGP units owned as of March 31, 2015 and RGP unit price of $22.87. On April 30, 2015, RGP units were converted to ETP units per the merger agreement. (2) Member's equity as of March 31, 2015. (3) Includes $4.5 million in outstanding letters of credit for Vanguard. Vanguard and LRR Energy borrowing base based on proposed Spring redetermination amounts of $1,600 million and $200 million, respectively. Pro forma Vanguard liquidity calculation includes the $50 million term loan being paid off via proceeds from ATM common unit sales. Eagle Rock liquidity includes RGP unit value. EROC borrowing base redetermined on 4/1/15 to $270 million. (4) Includes pro forma impact of acquisitions completed by Vanguard during 2014. C a pi t a l i z a t i on Ta bl e ( 3 / 3 1 / 1 5 ) ( $ i n m i l l i o n s ) V a n g u a r d L R R E n e r g y E a g l e R o c k P r o F o r m a V N R C a s h $15 $3 $0 $17 R G P U n i t V a l u e ( 1 ) -- -- 73 73 C r e d i t F a c i l i t y 1 , 3 3 0 240 162 1 , 7 3 2 7 . 8 7 5 % S e n i o r N o t e s d u e 2 0 2 0 550 -- -- 550 T e r m L o a n -- 50 -- -- 8 . 3 7 5 % S e n i o r N o t e s d u e 2 0 1 9 -- -- 51 51 L e a s e F i n a n c i n g O b l i g a t i o n s 28 -- -- 28 T o t a l D e b t 1 , 9 0 8 290 213 2 , 3 6 1 M e m b e r ' s E q u i t y ( 2 ) C o m m o n a n d C l a s s B U n i t s 1 , 0 5 1 180 315 1 , 5 4 5 S e r i e s A P r e f e r r e d U n i t s 62 -- -- 62 S e r i e s B P r e f e r r e d U n i t s 169 -- -- 169 S e r i e s C P r e f e r r e d U n i t s 104 -- -- 104 T o t a l M e m b e r ' s E q u i t y 1 , 3 8 6 180 315 1 , 8 8 1 T o t a l C a p i t a l i z a t i o n 3 , 2 9 4 470 528 4 , 2 4 2 L i q u i d i t y ( 3 ) 266 ( 4 0 ) 181 407 M e t r i c s : N e t D e b t / 2 0 1 4 E B I T D A ( 4 ) 3 . 5 x 3 . 4 x 1 . 2 x 3 . 0 x N e t D e b t / C a p i t a l i z a t i o n 57% 61% 27% 54% N e t D e b t / P r o v e d R e s e r v e s ( $ / M c f e ) $ 0 . 9 3 $ 1 . 4 1 $ 0 . 4 4 $ 0 . 8 9 N e t D e b t / P r o v e d D e v e l o p e d R e s e r v e s ( $ / M c f e ) $ 1 . 3 7 $ 1 . 6 2 $ 0 . 5 6 $ 1 . 2 6