Enterprise Products Partners Upsizes and Prices Units Issue
A slightly larger than previously indicated interest in Enterprise Products Partners 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.
The article Enterprise Products Partners Upsizes and Prices Units Issue originally appeared on Fool.com.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.
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