Watch stocks you care about
The single, easiest way to keep track of all the stocks that matter...
Your own personalized stock watchlist!
It's a 100% FREE Motley Fool service...
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.