Plains All American Pipeline, L.P. (NYSE: PAA)
today announced that it has completed an underwritten public offering of
$700 million aggregate principal amount of 3.850% senior unsecured notes
due October 15, 2023, at a public offering price of 99.792% with a yield
to maturity of 3.874%.
Total net proceeds of the offering were approximately $693.0 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.
J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith
Incorporated; DNB Markets, Inc.; and Mizuho Securities USA 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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J.P. Morgan Securities LLC
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Merrill Lynch, Pierce, Fenner & Smith Incorporated
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383 Madison Avenue
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222 Broadway, 11th Floor
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New York, New York 10179
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New York, New York 10038
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Attention: Investment Grade Syndicate
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Attention: Prospectus Department
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Desk – 3rd Floor
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Phone: (800) 294-1322
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Phone: (212) 834-4533
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E-mail: dg.prospectus_requests@baml.com |
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DNB Markets, Inc.
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Mizuho Securities USA Inc.
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200 Park Avenue, 31st Floor
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320 Park Avenue, 12th Floor
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New York, New York 10166
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New York, NY 10022
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Attention: Debt Capital Markets
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Attention: Debt Capital Markets Desk
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Phone: (212) 681-3800
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Phone: (866) 271-7403
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Facsimile: (212) 205-7812
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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 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.
Investors:
Roy I.
Lamoreaux, 713/646-4222 – 800/564-3036
Director, Investor Relations