Regardless of the SUN cash, they still have other projects that need capital. It is my opinion (and based on nothing more than owning 20 plus MLP's over the years) that ETP will try to raise $400M this quarter...provided the price holds above $45. A BBB- rating, while "investment grade", is still fragile. Losing that rating with all their debt could be a real problem. BTW, I still like ETP for the long term.
I don't think there will be a secondary issued for the units, just a trade with SUN holders. ETP is great for volitility...love getting in lower prices for higher yields...that's why you buy MLP's isn't it? Yield with growth right?