Given the acquisition, they had to do the 2nd quickly (probably more quickly than they wanted to) or the price would keep drifting down (WPZ case in point). Good entry point at $16....given that I sold at $18.20 prior to the distro this has some nice upside.
Yeah, I think management missed the mark in terms of handling the secondary offering. It appears this wasn't lined up prior to the acquisition and they had to offer it at 16.25 rather than something closer to $17.
These units are being offered at a current yield of over 8%.... and since this is supposed to increase DCF we might be issuing at something closer to 9% or even 10% (can't say definitively until we see what DCF will be).
To put it another way - the handling of this may cost unit holders about .02 each quarter going forward.