Enterprise Products Partners (NYSE: EPD) has priced an offering of 12 million units for $35.55, yielding net proceeds of $422 million.

As with all new unit offerings, Enterprise’s latest has pushed the stock lower by nearly 3 percent this morning.

This selloff is far from a surprise; investors’ knee-jerk reaction is to sell after new equity offerings–the new units represent a dilution of existing holders’ stake in the firm. What’s really interesting is that Enterprise was able to sell units at just a 3.2 percent discount to its 52-week and all-time highs, raising more than $400 million with relative ease. This once again underlines Enterprise Products Partners’ superior access to capital and it suggests that investors remain confidence in the partnership’s strategy after the passing of founder Dan Duncan.

The deal is not truly dilutive. Enterprise is using the cash to help fund its acquisition of natural gas gathering and treating systems in the Haynesville Shale area of Louisiana and Texas. This $1.2 billion deal further enhances Enterprise’s position in what’s arguably the largest and lowest-cost unconventional shale gas play in the US. The move is likely to add to Enterprise’s distributable cash flow and will result in higher distributions.

Enterprise Products Partners continues to trade above our buy target price; it’s a buy on dips under 33.