It believe it was APL that was selling their stake. The recent moves are a positive. One thing that bothered me about owning APL is that the cost of capital was pretty high and they they carry a fair amount of debt expense. Selling some assets and selling a preferred are positive as it will be used to pay down debt and lower the cost of capital. That is a good thing.
No. Chevron announced they were selling. APL had or has a right of first refusal, but the RoR on the pipeline is very low (under 7%). Having the entire interest for sale makes it beasier. Was suprised the preferred being issued now instead of ATM. Probably a good deal as APL yields 8.3% and should be able to get an increase of about .20-30 to $2.80 area by YE 2015 with IDR waiver. This suggest preferred actually cheaper way to issue capital. Suprising part is the $250M isa so small it really does not make much of a difference.