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.
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