Enterprise Products Partners (NYSE:EPD) is making a fresh attempt to widen its capital base. The partnership is floating 7.5 million of its common units in an underwritten public offering. Additionally, the company plans to grant the issue's underwriters a 30-day purchase option for up to an additional 1.125 million units to cover overallotments, if any.
Enterprise said it intends to use the proceeds of the offering for "general partnership purposes," which may include the retirement of debt, the funding of working capital, acquisitions, and capital expenditures.
The joint book running managers of the issue are Barclays, Bank of America unit Merrill Lynch, JPMorgan Chase's J.P. Morgan, Morgan Stanley, UBS Investment Bank, Citigroup, Credit Suisse, Raymond James, Royal Bank of Canada's RBC Capital Markets, and the securities arms of Deutsche Bank and Wells Fargo.
At the moment, Enterprise has nearly 912 million units outstanding, which most recently closed at $63.48 per unit.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Bank of America, Enterprise Products Partners, and Wells Fargo. It owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.