Energy Transfer Partners L.P. (ETP) filed plans to offer up to $1 billion in common units and debt securities, as the pipeline operator looks to raise funds for general partnership purposes. If you look at the market cap of Etp this is around 10%. I pick-ed this up from my E-Trade account today.
They are not selling securities; rather they are just registering securities so they can sell them later. The original poster and several others are misinterpreting the filing. This just has to do with complying with securities laws. They may issue later but are not doing so by this Particular filing.
As I read the prospectus, the proceeds from the 12 million units will go to ETE:
The common units to be offered and sold using this prospectus will be offered and sold by the selling unitholder named in this prospectus or in any supplement to this prospectus. We will not receive any proceeds from the sale of such common units.