The company will offer 15 million common units at a price expected to fall between $19 and $21 per unit, implying gross proceeds of $285 million to $315 million, which is in-line with the initial S-1 size of $345 million including overallotment.
The success of Sundrop Fuels Inc.'s integrated commercial and demonstration plant will put in motion the company's plan to build a series of renewable gasoline "megaplants," each producing more than 200 million gallons of drop-in cellulosic biofuel annually.
Enterprise Products Partners LP announced that the binding open season to determine shipper support for transporting propane to Mont Belvieu, Texas, on the partnership's Appalachia-to-Texas pipeline has been extended.
The project includes the construction of approximately 140 miles of ethane, ethylene, propane and propylene pipelines, associated interconnections and station modifications between Dow Texas Operations in Freeport, Texas, and facilities at Mt. Belvieu, Texas.
In addition to the approximately 90 miles of crude gathering pipeline being constructed as part of the Divide system, Summit Midstream Partners LLC will construct approximately 145 miles of new gathering pipeline capable of handling up to 45,000 barrels (bbl.) of crude oil and 45,000 bbl. of water per day.