A slightly larger than previously indicated interest in Enterprise Products Partners (NYSE:EPD) is up for sale. The company has expanded the underwritten public offering of its common units from the originally planned 7.5 million units to an even 8 million and priced them at $62.05 apiece. Also, the issue's underwriters have been granted a 30-day purchase option for up to an additional 1.2 million units to cover overallotments, if any.
Enterprise intends to use the proceeds of the offering for "general partnership purposes." This could include the retirement of debt, working capital, acquisitions, or capital expenditures.
Barclays, Bank of America's Merrill Lynch, JPMorgan Chase unit J.P. Morgan, Morgan Stanley, UBS Investment Bank, Citigroup, Credit Suisse, Raymond James, Royal Bank of Canada division RBC Capital Markets, and the securities arms of Deutsche Bank and Wells Fargo are the joint book-running managers of the issue.
Currently, Enterprise has nearly 912 million units outstanding, which most recently closed at $62.55 per unit.