Not sure why you are so down on an equity raise. ETP has several billion in expansion projects on its slate, in addition to a $2 billion dollar pending purchase of Citrus (Florida Gas Transmission). With the nearly $600 million equity raise, and with $1.5 billion from APU coming, this puts them in very good position.
One thing most investors forget is that the transaction with Amerigas has not been completed. It is still under review. Almost certain it will be approved, but in the interim, ETP picks up cash needed to continue financing the projects it has in south Texas (Eagle Ford). When the $1.5 billion from Amerigas hits, it will largely cover the $2.0 billion price tag for Citrus.
My personal feeling is that all of the MLPs need to be raising capital aggressively, especially considering a potential Greek default and spillover into Italy. The markets could be set to make a run back towards 10,000. I sleep much better knowing the MLPs I own have enough capital on hand to get through the next year to 18 months.
I'm not surprised. The sale of their propane assets generated $2.9 bil, but the SUG acquisition costs $5.1 bil plus they just announced a new pipeline project in the Barnet shale. Tomorrow will present a good buying opportunity for ETP.