Boardwalk Pipeline Partners LP (NYSE: BWP) is planning to sell 8 million units in an effort for working capital and to repay debt. The oil-and-gas transportion MLP has listed Barclays Capital, BofA Merrill Lynch, Citigroup, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities all as the joint book-running managers for this offering. This raises more than $200 million at current prices against what was a market capitalization rate of $5.66 billion for the MLP. Units are indicated down 4.2% at $27.30 against a 52-week range of $23.54 to $33.50. Keep in mind here that this MLP has an implied yield equivalent (unit distributions) which is currently close to 7.5% for Boardwalk investors and that is well above average now for MLPs.
Boardwalk Raising Capital (BWP)
By
Jon C. Ogg
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About the Author
Jon C. Ogg →
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.
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