PAA Completes Public Offering of $1.15 Billion of Senior Notes
December 09 2014 - 3:13PM
Business Wire
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”): $500 million aggregate principal
amount of 2.60% senior unsecured notes due December 15, 2019, at a
public offering price of 99.813% of face amount with a yield to
maturity of 2.640%; and $650 million aggregate principal amount of
4.90% senior unsecured notes due February 15, 2045, at a public
offering price of 99.876% of face amount with a yield to maturity
of 4.907%.
Total net proceeds of the offering were approximately $1.138
billion. The Partnership intends to use the net proceeds from this
offering to repay outstanding borrowings under its commercial paper
program (a portion of which was used to fund the BridgeTex
acquisition completed on November 14, 2014). Amounts repaid under
the Partnership's commercial paper program may be reborrowed, as
necessary, to fund its ongoing expansion capital program or future
acquisitions, or for general partnership purposes.
Barclays Capital Inc.; SunTrust Robinson Humphrey, Inc.; Wells
Fargo Securities, LLC; BBVA Securities Inc.; RBC Capital Markets,
LLC; 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 follows:
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Email:
Barclaysprospectus@broadridge.com
SunTrust Robinson Humphrey, Inc.
3333 Peachtree Road, 11th Floor
Atlanta, GA 30326
Telephone: (800) 685-4786
Email: STRHdocs@SunTrust.com
Wells Fargo Securities, LLC
608 2nd Avenue
South Minneapolis, MN 55402
Attention: WFS Customer Service
Telephone: (800) 645-3751
Email:
wfscustomerservice@wellsfargo.com
BBVA Securities Inc.
1345 Avenue of the Americas, 44th
Floor
New York, NY 10105
Telephone: (212) 728-1500
RBC Capital Markets, LLC
Three World Financial Center
200 Vesey Street
New York, New York 10281
Telephone: (866) 375-6829
SMBC Nikko Securities America, Inc.
277 Park Avenue
New York, NY 10172
Telephone: (800) 406-2835
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 jurisdiction.
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 3.9 million
barrels per day of crude oil and NGL on its pipelines. PAA is
headquartered in Houston, Texas.
Plains All American Pipeline, L.P.Investors:Ryan Smith,
(866) 809-1291Director, Investor Relations
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