EPP Reports Sale of Additional Common Units
Enterprise Products Partners announced that the underwriters of its recent common unit offering have exercised their full over-allotment option to purchase 1,425,000 additional common units as part of EPD's common unit offering that was priced on January 7, 2010 at a public offering price of $32.42 per common unit.
The net proceeds from the sale of the 1,425,000 common units will be approximately $46 million after deducting underwriting discounts, commissions and offering expenses. Included in the proceeds is a net capital contribution of approximately $1 million from Enterprise’s general partner to maintain a 2 percent general partner interest. Enterprise intends to use the net proceeds to temporarily reduce borrowings outstanding under its multi-year revolving credit facility and for general partnership purposes. The partnership expects to use some of the increased availability under the credit facility to finance capital expenditures and other growth projects.