Energy
Energy Transfer Partners Raises Cash, At Minimal Discount (ETP)
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Last night, we covered a filing frin Energy Transfer Partners, L.P. (NYSE: ETP) to sell some 5 million units to raise cash. The deal not only priced this morning, but the company sold 6 million units rather than 5 million units.
The offering price was listed as $34.05 per common unit.This was less of a discount than many other offerings we haveseen when you consider that shares are down almost 5% and are tradingat $33.41 today.
Joint book-runners in the deal are Credit Suisse, Citi,Morgan Stanley, UBS, and Wachovia Capital Markets. Barclays Capital,Deutsche Bank Securities, Raymond James, and RBC Capital Markets areall listed as co-managers of the deal. The underwriters were given anoverallotment option to purchase up to 900,000 additional common unitsover the next 30-day period.
Jon C. Ogg
January 22, 2009
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