RE:RE:ScotiaI imagine Pipestone will be some sort of JV, it will cost ~$250M I'm guessing and take close to two years to bring online (a guess). A big deal if they can finance it. I think the equity offering was more about terming out some of the non credit facility debt since they couldn't do that with internally generated cash.
Be nice to get a strategic partner, maybe tie the facility in to KAPS if it isn't already. How it is funded will determine how much value it adds to the company, but however it is done an expanded facility becomes a much more value asset, even if the financing will eat most of the EBITDA as with PGR.