Energy Transfer Partners closes stock offering worth about $505 million

Energy Transfer Partners closes offering

DALLAS — Energy Transfer Partners LP, a distributor of natural gas and propane gas, said Monday its public offering of nearly 11 million shares has closed.

The company offered 10.925 million shares at $46.22 per share, including an overallotment option of 1.425 million shares, raising a total of about $505 million.

Net proceeds from the offering will be used to repay outstanding debt, make capital expenditures related to pipeline construction projects and for general partnership purposes.

The offering was first announced on Aug. 18.