These warrants were issued about a year back for around a buck. They were used to sweeten the El Paso deal. They expire 5/17. Prospectus? They are a five year option with strike price $40.
With that much time, the KMI common can go way up. ON the other hand, Kinder can always make an acquisition that would delay pps upward momentum. So, if you feel that buying for 6 and selling in three years for 25 is your idea of a good investment: jump right in.