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Jan 04, 2000
PAA Arranges New $65 million Term Credit Facility
(Houston – January 4, 2000) Plains All American Pipeline, L.P. (NYSE:PAA) announced that one of its subsidiary operating partnerships had entered into a $65 million senior secured term credit facility with Banque Paribas on December 31, 1999. The facility is secured by a portion of the 5.2 million barrels of crude oil line fill being sold by the Partnership and receivables from certain related sales contracts. Proceeds from the financing will be used to fund the Partnership’s working capital requirements.

“This financing enabled us to accelerate the realization of a significant portion of the previously announced crude oil line fill sale,” said Phil Kramer, Executive Vice President and Chief Financial Officer of Plains All American Inc. “As a result, the Partnership’s overall liquidity is significantly improved. Additionally, we will also receive an aggregate of approximately $36 million in January and February from line fill sales contracts that were not a part of this financing.” The sale of the crude oil line fill started December 1, 1999, and is expected to be substantially completed in February.

Kramer noted that the Paribas facility will be repaid in installments as proceeds from the financed sales contracts are received. The facility has a final maturity of March 24, 2000. “I want to publicly express our appreciation to all of our financial institutions for their continued support,” Kramer stated.

Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, demand for various grades of crude oil and resulting changes in pricing conditions, availability of third party production volumes for transportation and marketing, the availability to Plains All American of credit on satisfactory terms, and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of crude oil discussed in Plains All American’s filings with the Securities and Exchange Commission.

Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil gathering and marketing activities, primarily in California, Texas, Oklahoma, Louisiana and the Gulf of Mexico. Plains All American Inc., a wholly owned subsidiary of Plains Resources Inc., holds an effective 54% interest in Plains All American and serves as its general partner. Plains All American’s common units are traded on the New York Stock Exchange under the symbol “PAA”. Plains Resources Inc.’s common shares are traded on the American Stock Exchange under the symbol “PLX”. Plains All American is headquartered in Houston, Texas.
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