Hints and tips:
...Leverage has been applied ‘downstream’ at the portfolio company level, ‘upstream’ with recourse to GPs and LPs, and ‘midstream’ to the funds that own portfolio companies in the form of NAV loans....
...Crestwood Midstream (being bought at a slight premium) and Inergy LP (benefiting from becoming the pure GP) both traded up. Energy Midstream traded down 7 per cent – it is the acquirer of Crestwood....
International Edition