Today's announcement is hardly a surprise as secondary offerings are quite common for MLP's. The proceeds from the offering will likely be used to complete the asset purchase from M2 Midstream. The M2 deal is accretive to earnings so cash distributions to unit holders should also rise.
they will announce the dist. increase soon and that will help offset some off this, but it will drop as usual after the ex-date.....and another buying opportunity. There will be a nice jump if they raise more than .75 as is typical every quarter.