Plains All American Pipeline, L.P. (NYSE:PAA)
today announced that it has completed an underwritten public offering of
$750 million aggregate principal amount of 3.60% senior unsecured notes
due November 1, 2024, at a public offering price of 99.842% with a yield
to maturity of 3.618%.
Total net proceeds of the offering were approximately $742.7 million.
The Partnership intends to use the net proceeds from this offering to
repay outstanding borrowings under its commercial paper program and for
general partnership purposes. Amounts repaid under the Partnership's
commercial paper program may be reborrowed, as necessary, to fund its
ongoing expansion capital program or future acquisitions, or for general
partnership purposes.
J.P. Morgan Securities LLC; Barclays Capital Inc.; BNP Paribas
Securities Corp.; Merrill Lynch, Pierce, Fenner & Smith Incorporated;
DNB Markets, Inc.; and Mizuho Securities USA Inc. acted as joint
book-running managers of the offering. Copies of the prospectus
supplement and accompanying base prospectus relating to the offering may
be obtained from the underwriters as follows:
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J.P. Morgan Securities LLC 383 Madison Avenue New York,
New York 10179 Attention: Investment Grade Syndicate Desk –
3rd Floor Telephone: (212) 834-4533
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BNP Paribas Securities Corp. Debt Syndicate Desk 787
Seventh Avenue New York, New York 10019 Telephone: (800)
854-5674 Email: new.york.syndicate@bnpparibas.com |
Barclays Capital Inc. c/o Broadridge Integrated Distribution
Services 1155 Long Island Avenue Edgewood, NY 11717 Telephone:
(888) 603-5847 Email: Barclaysprospectus@broadridge.com |
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Merrill Lynch, Pierce, Fenner & Smith Incorporated Attn:
Prospectus Department 222 Broadway, 11th Floor New
York, NY 10038 Telephone: (800) 294-1322
Email: dg.prospectus_requests@baml.com |
DNB Markets, Inc. 200 Park Avenue, 31st Floor New York,
NY 10166 Attention: Debt Capital Markets Telephone:
(212) 681-3800
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Mizuho Securities USA Inc. 320 Park Avenue, 12th Floor New
York, NY 10022 Attention: Debt Capital Markets Desk Telephone:
(212) 205-7543 Facsimile: (212) 205-7812
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The senior notes were offered and sold pursuant to an effective shelf
registration statement on Form S-3 previously filed with the Securities
and Exchange Commission, and only by means of a prospectus supplement
and accompanying base prospectus. This news release does not constitute
an offer to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership that owns and operates midstream energy infrastructure and
provides logistics services for crude oil, natural gas liquids ("NGL"),
natural gas and refined products. PAA owns an extensive network of
pipeline transportation, terminalling, storage and gathering assets in
key crude oil and NGL producing basins and transportation corridors and
at major market hubs in the United States and Canada. On average, PAA
handles over 3.5 million barrels per day of crude oil and NGL on its
pipelines. PAA is headquartered in Houston, Texas.
Investors:
Plains All American Pipeline, L.P.
Ryan
Smith, (866) 809-1291
Director, Investor Relations