I got my first dividend from MWE, reads partnership distribution. I believe I will play the lower dividend rate of 15% rather than my income based tax rate. Since you guys are not too worried and I like BWP I guess it won't be too difficult to handle the tax return when the times comes next year.
BWP is a master limited partnership (MLP). You would do well to read a primer on MLPs.
1) They pay a distribution from cash flow, and part of that is classified as return of capital. That portion results in no immediate federal income tax; however if you sell you will have to discount your cost basis by the same amount of capital returned (e.g., if you buy at $30/share and receive $1/share in distributions as a result of return of capital your cost basis becomes $29/share).
3) The 10 million share offering is priced at $30.02/share. The underwriters will receive rights to purchase up to 1.5 million shares for the next 30 days at the $30.02/share price. In my opinion, this will likely cap the stock price for the next 30 days, but who really knows in this market.
I acquired my shares at an average cost of $23.7/share. This is a pipeline and storage company as opposed to a producer, so the perceived risk is less resulting in the lower pay out when compared to LINE, LGCY, ENP, MWE, etc.
They have continued to grow revenues despite fluctuations in N.G. prices. I suggest you visit their website as well. Only you can determine an appropriate entry point.