EPP Prices Public Offering of Units
Enterprise Products Partners L.P. has priced a public offering of 9,500,000 common units representing limited partner interests at a public offering price of $32.42 per common unit. Enterprise has also granted the underwriters a 30-day option to purchase up to 1,425,000 additional common units to cover over-allotments, if any. Enterprise intends to use the net proceeds, after expenses, of approximately $304 million (including a net capital contribution of approximately $6 million from its general partner to maintain a 2% general partner interest) to temporarily reduce borrowings outstanding under its multi-year revolving credit facility and for general partnership purposes. Enterprise expects to use some of the increased availability under the facility to finance capital expenditures and other growth projects.