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Span Summary: A Downstream and Marketing Master Limited
Partnership (MLP) with high initial leverage that would be a
more interesting higher risk MLP investment at prices below the
mid-point price of $20 per unit.  Lehigh Gas Partners LP (LGP)
LGP is currently on the road looking to price its IPO on the
evening of October 25, 2012. The company is looking to sell 6
million common units at a mid-point price of $20 per unit,
raising approximately $120 million of gross proceeds. I am going
to assume readers are familiar with Master Limited Partnerships
(MLPs); energy related concepts, general investment and
valuation concepts and focus more on key pros and cons for LGP
and how it compares to its MLP peer group. Additionally, this
article uses some unique terms and ratios that are explained in
an earlier article, A Ranking Protocol for the MLP Space.  LGP's
Business  We are a limited partnership formed to engage in the
wholesale distribution of moto