I fully expect to see 3 or 4 more of these equity offerings in the next couple of weeks.
Many of the MLPs got caught with poor balance sheets during the '08 crisis. I think most management teams have learned their lesson and would rather raise capital in advance rather than after the fact.
Debt capital is also very cheap, so I expect to see MLPs continue to raise debt, if only to retire higher priced debt and save a few percent on intereste expense.
I believe PAA may also be looking to raise cash for acquisitions, be it it SemGroup or others.