I love secondary offerings, when proceeds are used to pay down debt and for expansion - and to keep the dividend pumping out. . .I never care about stock price in the short term because like Warren, I my holding period is forever!
Secondary offerings are dilutive to existing shareholders. If you owned x% of PBA, after the offering, you will own less than x%. Earnings are now divided among more shares, not the same. If the money is being used to acquire or build new profitable assets, then that may offset the smaller piece of the pie.
However, If the money goes to pay down prior borrowing, isn't that just indicative of a company that can't (and could not) afford the payments they'd agreed to in the past? So they effectively borrowed in the past knowing full well they would need to dilute in the future to pay it off?