Enterprise Sells $150 Million of Shares

Enterprise Products Partners LP, which transports natural gas and oil through its pipeline network, on Friday said it agreed to sell $150 million worth of common stock.

The 5.9 million shares representing limited partner interests of Enterprise were placed privately with EPCO Holdings Inc., a privately held affiliate of Enterprise.

The shares were sold at $25.25 per unit.

Proceeds from the deal will be used to pay down debt and for other general corporate purposes, the company said in a release. The closing of the private placement is expected to occur on or about Sept. 8.

Shares of Enterprise slipped 25 cents to $26.50 in after-hours trading, after gaining 39 cents to $26.75 during the regular session.

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