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Energy

Energy Transfer Partners Raising Cash (ETP)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

Money_stack_pic_3Energy Transfer Partners, L.P. (NYSE:ETP) is raising cash.  The company is offering 5,000,000 common units that represent limited partner interests rather than common shares.   

The net proceeds from this sale will be used to repay debt from its revolving credit facility, and the company expects to use some of the funds to finance capital expenditures and other growth projects.

Joint book-runners in the deal are listed as 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 an option to purchase up to an additional 750,000 common units.

Energy Transfer Partners L.P. closed up 0.6% at $35.11 today, butshares are down almost $1.00 in after-hours trading on worries about the addeddilution.  This would represent about $175million in capital raised, and the company’s market cap is roughly $5.3 billion.

Jon C. Ogg
January 21, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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