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Shares are trading at $37.00 at approximately 9:00 AM ET, down from Wednesday's close of $37.55. With the decline, the stock is poised to add to losses posted in the previous two sessions, and is now testing late March levels.
The company announced it has priced a public offering of 8.50 million common units representing limited partner interests at $37.55 per common unit.
Net proceeds from the offering will be used by ETP to fund capital expenditures, capital contributions to joint venture entities, related pipeline construction projects, and general partnership purposes.
The offering is scheduled to close April 21. ETP also granted the underwriters a 30-day option to purchase up to an aggregate of 1,275,000 additional common units.
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