The Partnership gave a “use of proceeds” as being to repay a portion of its outstanding commercial paper, to repay any credit facility borrowings, to fund a portion of capital expansion projects, or any combination of such purposes.
This partnership owns and operates crude oil and liquid petroleum transportation and storage assets. It also owns and operates natural gas gathering, treating, processing, transmission, and marketing assets and is based in Houston, Texas.
The offering group is rather large. The listed underwriters for the offering are listed as BofA Merrill Lynch, Wells Fargo Securities, Citigroup, Morgan Stanley, and RBC Capital Markets. The partnership is expected to grant the underwriters a 30-day option to purchase up to an additional 1.05 million units to cover overallotments. If so, more than 8 million units will be sold.
Shares are down over 3% at $30.01 and the 52-week trading range is $25.19 to $34.58. On a split-adjusted basis, that 52-week high represents an all-time high as well. This also offers a high “dividend equivalent” with a payout of about 6.7%.
JON C. OGG
Contact [email protected] for any questions or corrections.
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