Finance & Investing | Debt | Capital Markets | Private Equity Activity
Plains All American Zips Up $1.15B Note Offering
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Plains All American Pipeline, L.P. has completed an underwritten public offering of two series of senior 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.