Energy Transfer Floats 54M New Units, Looks to Raise $1 Billion

Energy Transfer Partners (part of Energy Transfer Equity) is the company that built the Dakota Access Pipeline (now flowing, thankfully). They are also the pipeline company building both the Rover Pipeline in Ohio and Michigan, and the Mariner East 2 natural gas liquids pipeline from eastern Ohio across Pennsylvania to the Philadelphia area. Big company, big projects. ETP recently sold off 32% of the Rover project to Blackstone for $1.57 billion (see Energy Transfer Sells 32% Ownership in Rover Pipe to Blackstone). It takes a LOT of money to build these pipeline projects. Sometimes companies like ETP borrow via issuing debt (“notes”). More often they sell equity–or ownership. Earlier this week ETP announced is offering a new round of units (think shares of stock). No doubt the money will be used to help fund projects including Rover and ME2. ETP is offering 54 million units hoping to get $18.65 per unit–or a cool $1 billion…

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