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Sep 16, 2019
Plains All American Completes Public Offering of $1.0 Billion of Senior Notes

Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has completed an underwritten public offering of $1.0 billion aggregate principal amount of 3.550% senior unsecured notes due December 15, 2029 at a public offering price of 99.801% with a yield to maturity of 3.572%.

Total net proceeds of the offering were approximately $989.1 million. The Partnership intends to use the net proceeds from the offering to partially repay the principal amounts of its $500 million 2.60% senior notes due 2019 and $500 million 5.75% senior notes due 2020 at their respective maturity dates in December 2019 and January 2020, and, pending such repayment, for general partnership purposes, which may include, among other things, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital.

Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. acted as joint book-running managers and representatives of the several underwriters of the offering.

Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:

Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (800) 831-9146

Mizuho Securities USA LLC
320 Park Avenue, 12th Floor
New York, NY 10022
Attention: Debt Capital Markets Desk
Telephone: (866) 271-7403

MUFG Securities Americas Inc.
1221 Avenue of the Americas, 6th Floor
New York, NY 10020-1001
Attention: Capital Markets Group
Telephone: 1-877-649-6848

Scotia Capital (USA) Inc.
250 Vesey Street, 24th Floor
New York, NY 10281
Attention: Debt Capital Markets
Telephone: 212-225-5501

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, NGLs and natural gas. 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 more than 6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas.

Brett Magill
Director, Investor Relations
(866) 809-1291

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