Plains All American Pipeline, L.P. (NYSE: PAA)
today announced that it has completed an underwritten public offering of
$750 million aggregate principal amount of 4.500% senior unsecured notes
due December 15, 2026, at a public offering price of 99.716% with a
yield to maturity of 4.535%.
Total net proceeds of the offering were approximately $741.3 million.
The Partnership intends to use the net proceeds from this offering to
repay outstanding borrowings under its senior unsecured revolving credit
facility and commercial paper program and for general partnership
purposes. Amounts repaid under the Partnership's senior unsecured
revolving credit facility and commercial paper program may be
reborrowed, as necessary, to fund its ongoing expansion capital program,
future acquisitions and investments or for general partnership purposes.
J.P. Morgan Securities LLC; BNP Paribas Securities Corp.; Merrill Lynch,
Pierce, Fenner & Smith Incorporated; Wells Fargo Securities, LLC; BBVA
Securities Inc.; DNB Markets, Inc.; and SMBC Nikko Securities America,
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
J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
Attention: Investment Grade Syndicate Desk - 3rd floor
BNP Paribas Securities Corp.
787 Seventh Avenue
New York, New York 10019
Attention: Syndicate Desk
Merrill Lynch, Pierce, Fenner & Smith
200 North College Street
Charlotte NC 28255-0001
Attention: Prospectus Department
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, Minnesota 55402
Attention: WFS Customer Service
BBVA Securities Inc.
1345 Avenue of the Americas
New York, New York 10105
DNB Markets, Inc.
200 Park Avenue, 31st floor
New York, NY 10166
Telephone: (212) 681-3800
SMBC Nikko Securities America, Inc.
277 Park Avenue
New York, New York 10172
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
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, natural gas liquids ("NGL"),
natural gas and refined products. 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 over 4.6 million barrels per day of crude oil and NGL in its
Transportation segment. PAA is headquartered in Houston, Texas.
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Plains All American Pipeline, L.P.
Ryan Smith, 866-809-1291