Summary
Enterprise Products Partners L.P. (EPD) filed an 8-K on December 15, 2020, to report on its ongoing at-the-market (ATM) equity distribution program. The partnership previously established an equity distribution agreement on December 1, 2017, allowing for the issuance and sale of common units valued at up to $2.5385 billion through various financial institutions acting as managers. This filing serves to update investors regarding the process for these potential equity issuances, which will be conducted through ordinary broker transactions on the NYSE at market prices, block transactions, or as otherwise agreed. The company also noted that the issuance of these units is being made under a registration statement and will be supplemented by a prospectus. This 8-K is primarily informational, confirming the continued availability of this capital-raising mechanism.
Key Highlights
- 1EPD has an active at-the-market (ATM) equity distribution program allowing for the sale of common units.
- 2The aggregate offering price for common units under the program is up to $2.5385 billion.
- 3The equity distribution agreement was initially established on December 1, 2017, with multiple managers.
- 4Sales will occur through ordinary brokers' transactions on the NYSE, at market prices, or in block transactions.
- 5The company may also sell units to managers as principal for their own account.
- 6The program operates under a registration statement filed with the SEC.
- 7A prospectus supplement will be filed on December 16, 2020, to provide further details on the offering.