Dallas-based Energy Transfer Partners announced it’s priced an underwritten public offering of 18 million of its 7.375% Series C preferred units.
The price is $25 a unit resulting in total proceeds of $450 million. Underwriters have a 30-day option to buy up to 2,700,000 more additional Series C Preferred Units.
The offering of the Series C Preferred Units is expected to close on or about April 25, 2018, subject to the satisfaction of customary closing conditions.
ETP intends to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facility and for general partnership purposes.