Duncan Commits to Buy $65MM of Enterprise Products Common Units
Enterprise Products has announced that Dan L. Duncan, its founder and chairman of the board of directors of its general partner, has committed to reinvest $65 million of Enterprise distributions to be received in February 2009 to purchase newly issued Enterprise common units through the partnership's distribution reinvestment plan. The investment will be made through his private company EPCO, Inc. and its affiliates ("EPCO").
In addition, Duncan indicated his willingness to consider investing up to $260 million in newly issued equity of Enterprise Products in 2009, including the $65 million reinvestment in February, to support Enterprise's capital raising efforts. Funds for such an investment would be provided from the expected free cash flow of EPCO. This commitment follows EPCO's $62.5 million investment in newly issued Enterprise common units that EPCO made through the partnership's distribution reinvestment plan in November 2008.
- Enterprise to Ship More Permian Crude to Texas Gulf Coast (Dec 06)
- Colonial Partners With Enterprise For Fuel Exports From Beaumont Terminal (Oct 10)
- Pompano Gas Production Ramps Up Again (Jul 26)