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ap

Energy Transfer Partners launches 6M unit offering

Energy Transfer Partners launches offering of 6 million common units

  • On 5:44 pm EDT, Wednesday September 30, 2009

DALLAS (AP) -- Energy Transfer Partners LP, a natural gas and propane gas distributor, said Wednesday it began a public offering of 6 million common units.

Underwriters have a 30-day option to purchase up to 900,000 additional units.

Net proceeds from the offering will be used to repay amounts outstanding under Energy Transfer Partners' revolving credit facility.

Morgan Stanley, Barclays Capital, Credit Suisse, JPMorgan and Wells Fargo Securities are acting as joint book-running managers.

Units fell $1.45, or 3.4 percent, to $41.10 in aftermarket trading following the announcement. The stock closed up 7 cents at $42.55 in the regular session.

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