-Enterprise Products Partners L.P. (NYSE:EPD - News) today announced the commencement of a public offering of 9,250,000 common units representing limited partner interests. Enterprise Products has also granted the underwriters a 30-day option to purchase up to 1,387,500 additional common units to cover over-allotments, if any. Enterprise intends to use the net proceeds from the offering to temporarily reduce borrowings outstanding under its multi-year revolving credit facility and for general partnership purposes. Enterprise expects to use some of the increased availability under the facility to finance capital expenditures and other growth projects.
Morgan Stanley, Barclays Capital, Citi, UBS and Wells Fargo Securities are joint book running managers for the offering.
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