Plains All American Pipeline, L.P. (NYSE: PAA)
today announced that it has completed an underwritten public offering of
two series of senior notes (the "Notes"): $500 million aggregate
principal amount of 2.60% senior unsecured notes due December 15, 2019,
at a public offering price of 99.813% of face amount with a yield to
maturity of 2.640%; and $650 million aggregate principal amount of 4.90%
senior unsecured notes due February 15, 2045, at a public offering price
of 99.876% of face amount with a yield to maturity of 4.907%.
Total net proceeds of the offering were approximately $1.138 billion.
The Partnership intends to use the net proceeds from this offering to
repay outstanding borrowings under its commercial paper program (a
portion of which was used to fund the BridgeTex acquisition completed on
November 14, 2014). 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.
Barclays Capital Inc.; SunTrust Robinson Humphrey, Inc.; Wells Fargo
Securities, LLC; BBVA Securities Inc.; RBC Capital Markets, LLC; and
SMBC Nikko Securities America, 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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Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Email: Barclaysprospectus@broadridge.com | | | |
SunTrust Robinson Humphrey, Inc.
3333 Peachtree Road, 11th Floor
Atlanta, GA 30326
Telephone: (800) 685-4786
Email: STRHdocs@SunTrust.com |
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Wells Fargo Securities, LLC
608 2nd Avenue
South Minneapolis, MN 55402
Attention: WFS Customer Service
Telephone: (800) 645-3751
Email: wfscustomerservice@wellsfargo.com | | | |
BBVA Securities Inc.
1345 Avenue of the Americas, 44th Floor
New York, NY 10105
Telephone: (212) 728-1500
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RBC Capital Markets, LLC
Three World Financial Center
200 Vesey Street
New York, New York 10281
Telephone: (866) 375-6829
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SMBC Nikko Securities America, Inc.
277 Park Avenue
New York, NY 10172
Telephone: (800) 406-2835
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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 3.9 million barrels per day of crude oil and NGL on its
pipelines. PAA is headquartered in Houston, Texas.
Plains All American Pipeline, L.P.
Investors:
Ryan
Smith, (866) 809-1291
Director, Investor Relations