It's under $40...making a 2nd much less likely. But note EPB,LINE,EVEP,BBEP,PAA,DPM,and EXLP all had 2nd's in March. But I now agree, with where EPD is now trading...and give the markets condition, a 2nd is not in the cards at this time. I'm a buyer. GLTA and God help the Japanese people.
You are absolutely right. A typical secondary raises cash to make investments (a longer process). They simply purchased a company, in DEP, with those investments (short cut). EPD is a sound company with top notch management.
I wish I'd had my finger on the trigger. The yield is 8.47% at that price so it would be profitable to buy on margin. Congratulations to whoever bought it and to whoever sold it, what the heck were you thinking?