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:
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Barclays Capital Inc.
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c/o Broadridge Financial Solutions
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1155 Long Island Avenue
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Edgewood, NY 11717
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Telephone: (888) 603-5847
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Email: Barclaysprospectus@broadridge.com |
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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) 809-1291
Director,
Investor Relations