Enterprise Products raising $412M from offering

Enterprise Products Partners raising $412M from 8M-unit offering; will use funds to pay debt

Associated Press

HOUSTON (AP) -- Enterprise Products Partners LP said Tuesday that it priced a public offering of 8 million common units, raising about $412 million to reduce debt and for general purposes.

The units priced at $53.07 each, a 2.7 percent discount to the pipeline operator's Monday closing price of $54.57.

Underwriters may buy another 1.2 million units if there's demand for them.

The company said last week that company management wanted to increase its dividend for the rest of the year, as several projects have exceeded production expectations.

Enterprise shares fell $1.27, or 2.3 percent, to $53.30 in afternoon trading.

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