Enterprise Products Partners L.P. (NYSE: EPD) has announced that it will sell 8,600,000 common units in a secondary offering. The units represent limited partner interests rather than traditional shares seen in most secondary offerings. Its market cap is nearly $10 billion. If it can maintain its currentdividend, the yield is roughly 9%.
Citigroup, Barclays, Morgan Stanley, UBS and Wachovia are joint bookrunning managers for the offering. Enterprise Products has alsogranted the underwriters a 30-day option to purchase up to 1,290,000additional common units to cover over-allotments.
The net proceeds from the unit offering are earmarked to reduceborrowings outstanding under its revolving credit facility and forgeneral partnership purposes. It also expects to use the funds to finance capitalexpenditures and other growth projects.
These units closed down nearly 3% at $22.69 in regular trading today, and the 52-week trading range is $16.00 to $32.64.
Enterprise is one of the largest public traded partnerships. Ittransports natural gas, NGLs, crude oil and petrochemical productsthrough approximately 35,000 miles of onshore and offshore pipelines.Services include natural gas gathering, processing, transportation andstorage; NGL fractionation, transportation, storage and import andexport terminaling; crude oil transportation; offshore productionplatform services; and petrochemical transportation and services.
Jon C. Ogg
January 6, 2009
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
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It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
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