PSX - Tallgrass Energy LP: 8.7% Yield And Interest In 2 World-Class Pipelines
Tallgrass Energy L.P. Class A (TGE) is what unitholders of the old Tallgrass Energy Partners, L.P., own today after Tallgrass Energy GP (i.e., the general partner) acquired it in a "share-for-unit" merger transaction that closed back in June. The surviving entity (i.e., TGE) is a dividend-paying corporation, so there will be no K-1s going forward (investors will get a 1099 instead). In addition, the IDRs were eliminated. That's important because prior to the merger, 36% of total distributions went up to the GP - a burden that has now been eliminated. The bottom