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Why Is Anadarko Petroleum A Buy Around Its 52-Week Low? (Seeking Alpha)

Natural Resource Partners L.P. (NYSE: NRP) today reported that it has acquired (1) a 48.51% general partner interest in OCI Wyoming L.P. and (2) 20% of the common shares and all of the preferred shares of OCI Wyoming Co. from subsidiaries of Anadarko Petroleum Corporation (NYSE: APC).  NRP paid a net $292.5 million for the interests, after normal closing adjustments to the purchase price of $310 million.  The agreement also contains an earn-out provision, which would require NRP to pay Anadarko up to $50 million, on a net present value basis, over a three-year period if OCI Wyoming L.P. achieves specified revenue targets during that period.  The acquisition was funded through a $200 million term loan, the issuance of $76.5 million in equity, including a general partner contribution of $1.5 million, and $16 million in cash.

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