Plains All American Pipeline, L.P. (NYSE:PAA)
today announced that it has entered into a new $1.2 billion credit
facility to provide additional liquidity. The facility closed on
December 9, 2011 but has not been activated. Pursuant to its terms, PAA
may activate the facility at any time over the next six months,
resulting in a maturity 364 days from the activation date.
"We appreciate the continued support from our banks. This liquidity
facility enhances our flexibility in accessing the capital markets
opportunistically, as we complete the financing for the five
acquisitions totaling $2.3 billion announced on December 1, 2011," said
Al Swanson, Executive VP and CFO of Plains All American. "This facility
also provides additional liquidity and financial flexibility with which
to execute our other growth plans."
DNB Bank served as Administrative Agent and Joint Bookrunner. Bank of
America and JPMorgan Chase Bank served as Co-Syndication Agents and
Joint Bookrunners. Also participating in the facility were Mizuho
Corporate Bank, UBS Loan Finance and Wells Fargo Bank.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership engaged in the transportation, storage, terminalling and
marketing of crude oil, refined products and liquefied petroleum gas and
other natural gas related petroleum products. Through its general
partner interest and majority equity ownership position in PAA Natural
Gas Storage, L.P. (NYSE: PNG), PAA is also engaged in the development
and operation of natural gas storage facilities. PAA is headquartered in
Houston, Texas.
Plains All American Pipeline, L.P.
Roy I. Lamoreaux,
713-646-4222 or 800-564-3036
Director, Investor Relations