HOUSTON--(BUSINESS WIRE)--Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has completed an underwritten public offering of $1.0 billion aggregate principal amount of 4.65% senior unsecured notes due October 15, 2025, at a public offering price of 99.846% of the face amount of the notes with a yield to maturity of 4.668%.
Total net proceeds of the offering were approximately $990.5 million. The Partnership intends to use the net proceeds from this offering to repay outstanding borrowings under its commercial paper program and for general partnership purposes. Amounts repaid under the Partnership's commercial paper program may be reborrowed, as necessary, to fund its ongoing expansion capital program or future acquisitions and investments, or for general partnership purposes.
Citigroup Global Markets Inc.; Mizuho Securities USA Inc.; Mitsubishi UFJ Securities (USA), Inc.; UBS Securities LLC; Deutsche Bank Securities Inc.; and DNB Markets, 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:
Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (800) 831-9146
Mizuho Securities USA Inc.
320 Park Avenue, 12th Floor
New York, NY 10022
Attention: Debt Capital Markets Desk
Telephone: (866) 271-7403
Mitsubishi UFJ Securities (USA), Inc.
1221 Avenue of the Americas, 6th Floor
New York, NY 10020-1001
Attention: Capital Markets Group
Telephone: (212) 405-7440
UBS Securities LLC
1285 Avenue of the Americas
New York, NY 10019
Attention: Prospectus Specialist
Telephone: (888) 827-7275
Deutsche Bank Securities Inc.
DNB Markets, Inc.
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 approximately 4.3 million barrels per day of crude oil and NGL on its pipelines. PAA is headquartered in Houston, Texas.