In round numbers that is a 10% increase in common units. There is also a potential 450,000 more to be made available to the underwriters to cover any over allotments. The proceeds will be used to pay existing debt.
"I am expecting the secgtor to drop another 5% from here or about $2 farther before finding a base...."
Agree caution is wise. However, a $2 drop is, in fact, covered by a $3 dividend. and, as you know, a lot can be done with the volatility around ex-dividend each quarter. We are more likely to gain in share price heading for the end of April. Good chance of a drop in May following ex-dividend. Those of us who bought in around $35 (or lower) have a much higher yield than the 6.5% you state from the $3.04 annual payout that Yahoo calculates for the year.
Yes I agree with you Its a buy.I'm not going to follow the stupid investors that will sell on this news.I own a lot of companies just like this and they to came out with additional shares at one time and the stocks fell,but they all had one thing in common "they all recovered" in a day or two.