This first equity raise could defy convention depending on the nature of any simultaneous announcement of not just any accretive acquisition but perhaps a highly accretive, highly organic growth acquisition.
EPD got slapped down hard for the purchase of a $1.2B pipeline system last year. The analysts initially noted that paying 10x ebitda in early 2010 was too much. When EPD announced that the first major organic growth initiative on that pipeline system would lower the ebitda multiple to 8x then the analysts started figuring out that acquisition multiples followed by organic growth initiatves deserve more respect rather than an immediate knee-jerk negative response.
Go to their web site, and download their K1. Also they provide some useful information on how to enter the information (into Turbotax ). I think most ML&P's provide this on their web site. In fact I was surprised when my registration password worked on different MLP's.