This is routine for a MLP. This is how they grow. I've been through this a dozen times with various MLPs. The company is sound and management didn't do anything out of the ordinary or anything wrong. Unless you were planning to sell today, the best strategy is to close your eyes, hang on, and in about three weeks or so the price will be what it was before. One other thing, don't forget to collect your 10% distribution on February 14th.
Having been through this a few times myself, I agree. It is disheartening in the short term but you learn to expect it shortly after a divvy payment date and you decide either to bail or to add at the discount presented to you each time. Adding on seems to work. What's interesting and surprising about BBEP secondaries historically is that there never seems to be any price support from the offering managers once they price a deal and shares always seem to quickly become available at a price below the pricing, just as happened today. That's always disconcerting but has always worked out before. I added at 19.73 today but left room for another add on...will monitor closely for another opportunity to jump in tomorrow.
I agree with hungrydoggy - strong buy - except, I would wait with the "buy" a few more days if not weeks until this whole dilution has settled, then back up the truck and load 'er up.
Also, the market may be up for around the corner of a correction. Just this fact alone may provide a big buying opportunity in the intermediate term.