PAA Completes Public Offering of Common Units
March 03 2015 - 11:07AM
Business Wire
Plains All American Pipeline, L.P. (NYSE:PAA) today announced
that it has completed an underwritten public offering of 21,000,000
of its common units representing limited partner interests at
$50.00 per common unit. The Partnership has also granted the
underwriter a 30-day option to purchase up to 3,150,000 additional
common units.
Total net proceeds from the offering, including our general
partner’s proportionate capital contribution and after deducting
the underwriter’s discounts and commissions and estimated offering
expenses, were approximately $1.1 billion. The Partnership intends
to use the net proceeds from this offering, including the proceeds
from any exercise of the option to purchase additional common
units, to repay outstanding borrowings under its commercial paper
program and for general partnership purposes, including
acquisitions, joint venture investments and other expansion capital
expenditures. Amounts repaid under the Partnership’s commercial
paper program may be reborrowed, as necessary, for general
partnership purposes, including acquisitions, joint venture
investments and other expansion capital expenditures.
Barclays Capital Inc. acted as sole underwriter of the
offering.
The common units 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. Copies of
the prospectus supplement and accompanying base prospectus relating
to the offering may be obtained from Barclays Capital Inc. 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
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 4.1 million
barrels per day of crude oil and NGL on its pipelines. PAA is
headquartered in Houston, Texas.
Plains All American Pipeline, L.P.Ryan Smith, (866)
809-1291Director, Investor Relations
Plains All American Pipe... (NYSE:PAA)
Historical Stock Chart
From Feb 2024 to Mar 2024
Plains All American Pipe... (NYSE:PAA)
Historical Stock Chart
From Mar 2023 to Mar 2024