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Energy Transfer Partners, L.P. Message Board

  • dar200 dar200 Jul 8, 2013 8:40 PM Flag

    Selling 6 million APU

    AmeriGas Partners, L.P. (APU) announced today that Heritage ETC, L.P., an affiliate of Energy Transfer Partners, L.P., has commenced a public underwritten offering, subject to market and other conditions, of 6,000,000 AmeriGas common units that it currently holds.

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    • Offering closed Friday, 7/12. No mention of exercise of option. This from pricing announcement:

      "AmeriGas Partners, L.P. (APU) announced today that Heritage ETC, L.P. (the “Selling Unitholder”), an affiliate of Energy Transfer Partners, L.P., has priced a public underwritten offering of 7,500,000 AmeriGas common units at a price to the public of $47.60 per unit. The size of the offering has been upsized from 6,000,000 units to 7,500,000 units. The underwriters have an option to purchase up to 1,125,000 additional common units at the public offering price less the underwriting discount."

      Let's say they net 46. There will be a little book profit because I think they recorded the receipt of units at around 44 to 44.50. More important 46 x 7.5 million = 345 million in cash which should forestall the next secondary from ETP.

    • Not sure where these common units are coming from ? Treasury ? ETP ? I'm thinking ETP is monetizing this holding and looking for another deal ... I would like them to clean up their asset list first , like dump the gas stations ... I'm expecting another dazzling BS shell game at the QTR's conference call and no distribution increase for 2013 ...

    • From a Dow Jones report:

      AmeriGas Partners L.P. (APU

      ) said an affiliate of Energy Transfer Partners L.P. (ETP

      ) has priced a public offering of AmeriGas (APU

      ) units at a 4.4% discount of Monday's close.

      The offering, which was raised to 7.5 million units from 6 million units, was priced at $47.60, below Monday's closing price of $49.79. Units were down 5.8% in early trading at $46.90.

      Energy Transfer Partners (ETP

      ) is AmeriGas's (APU

      ) largest shareholder, with about 29.6 million units, totaling 32% of AmeriGas (APU
      Change -2.74 (-5.50%)
      AS OF 11:52 AM ET 07/09/13.

      Chart for APU

      ) stock, according to FactSet.

67.98+1.17(+1.75%)Nov 26 4:02 PMEST

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