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Enterprise Products has also granted the underwriters a 30-day option to purchase up to 1,087,500 additional common units to cover over-allotments, if any. Enterprise intends to use the net proceeds, after expenses, of approximately $201 million (including a net capital contribution of $4.0 million from its general partner to maintain a 2 percent 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. Morgan Stanley, Barclays Capital, Citi and Wells Fargo Securities are joint book-running managers for the offering, and BofA Merrill Lynch, JPMorgan, Raymond James and SMH Capital are co-managers. Enterprise Products Partners is a publicly traded partnership and is a North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil and petrochemicals. Prospectus: http://www.sec.gov. ((Comments on this story may be sent to newsdesk@closeupmedia.com)) For full details on Enterprise Products Part (EPD) click here. Enterprise Products Part (EPD) has Short Term PowerRatings of 5. Details on Enterprise Products Part (EPD) Short Term PowerRatings is available at This Link.
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