PAA Prices Public Offering of Common Units
February 26 2015 - 9:04AM
Business Wire
Plains All American Pipeline, L.P. (NYSE: PAA) today announced
that it has priced 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.
The offering is expected to close on March 3, 2015, subject to
customary closing conditions.
The Partnership expects to receive net proceeds of approximately
$1.1 billion (or approximately $1.2 billion if the underwriter
exercises in full its option to purchase additional common units),
including our general partner’s proportionate capital contribution
and after deducting the underwriter’s discounts and commissions and
estimated offering expenses. 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. is acting as sole underwriter of the
offering.
The common units are being 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
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