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Energy Transfer Partners (NYSE: ETP ) has launched the issue of 12 million common units in a public offering. Additionally, the company's underwriter has been granted a 30-day purchase option for an additional 1.8 million units.
ETP did not specify the pricing or the exact timing of the offer. The firm's closing unit price on the day the issue was announced stood at $50.35.
The company said it would utilize the net proceeds of the offering to retire debt drawn from its revolving credit facility, and for "general partnership purposes."
Barclays unit Barclays Capital is the underwriter of the issue.