Investing.com - Energy Transfer Partners LP shares were crashing on Tuesday and were quickly approaching their lowest price of the year after the company priced its 54 million unit public offering at $18.65, a 5% discount to Monday’s closing price. The selected price was at the bottom-end of the suggested range of $18.65-$19.45 by sole book runner Barclays (LON:BARC).
ETP currently has a growth portfolio under construction, and proceeds of the offering will be used to fund it.
ETP's shares were down 4% at $18.84 in afternoon trade.