Plains All American (PAA) Commences 4.5M Unit Offering
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Plains All American Pipeline, L.P. (NYSE: PAA) announced today that it has commenced, subject to market conditions, an underwritten public offering of approximately 4.5 million of its common units representing limited partner interests. The Partnership also intends to grant the underwriters a 30-day option to purchase up to 675,000 additional common units to cover over-allotments, if any.
The Partnership intends to use the net proceeds from the offering, including the proceeds from any exercise of the over-allotment option, to reduce outstanding borrowings under its credit facilities, which may be re-borrowed to redeem its outstanding 7.13% senior notes due 2014, and for general partnership purposes.
Citi, BofA Merrill Lynch, J.P. Morgan, and UBS Investment Bank will act as joint book-running managers of the offering.
The Partnership intends to use the net proceeds from the offering, including the proceeds from any exercise of the over-allotment option, to reduce outstanding borrowings under its credit facilities, which may be re-borrowed to redeem its outstanding 7.13% senior notes due 2014, and for general partnership purposes.
Citi, BofA Merrill Lynch, J.P. Morgan, and UBS Investment Bank will act as joint book-running managers of the offering.
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