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"): $400 million aggregate
principal amount of 2.85% senior unsecured notes due January 31, 2023,
at a public offering price of 99.752% with a yield to maturity of
2.878%; and $350 million aggregate principal amount of 4.30% senior
unsecured notes due January 31, 2043, at a public offering price of
99.925% with a yield to maturity of 4.304%.
Total net proceeds of the offering were approximately $742.0 million.
The Partnership intends to use the net proceeds from this offering to
repay outstanding borrowings under its credit facilities and for general
partnership purposes. Amounts repaid under the Partnership's credit
facilities may be reborrowed, as necessary, to fund its ongoing
expansion capital program, future acquisitions, or for general
partnership purposes.
Wells Fargo Securities, LLC, Barclays Capital Inc., Citigroup Global
Markets Inc., SunTrust Robinson Humphrey, Inc. and UBS Securities LLC
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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Wells Fargo Securities, LLC
1525 West W.T. Harris Blvd., NC0675
Charlotte, North Carolina 28262
Attn: Capital Markets Client Support
Telephone: 1-800-326-5897
cmclientsupport@wellsfargo.com | | | | |
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 1-888-603-5847
barclaysprospectus@broadridge.com |
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Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 1-800-831-9146
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SunTrust Robinson Humphrey, Inc.
3333 Peachtree Road, 11th Floor
Mail Code: GA-ATLANTA-3947
Atlanta, GA 30326
Attn: Investment Grade Debt Capital Markets
Telephone: 1-800-685-4786
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UBS Securities LLC
299 Park Avenue
New York, NY 10171
Attention: Prospectus Specialist
Telephone: 877-827-6444, ext. 561-3884
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The 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 jurisdiction.
Plains All American Pipeline, L.P. is a publicly traded master
limited partnership engaged in the transportation, storage, terminalling
and marketing of crude oil and refined products, as well as in the
processing, transportation, fractionation, storage and marketing of
natural gas liquids. Through its general partner interest and majority
equity ownership position in PAA Natural Gas Storage, L.P. (NYSE: PNG),
PAA owns and operates 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