Plains GP Completes Public Offering Of Class A Shares For Approximately US$1.5 Billion

Published: Feb 23 2017
Deal Summary

Plains GP Holdings, L.P., a general partner of Plains All American Pipeline, L.P., completed the public offering of 48.3 million (MM) class A shares, at a price of US$31 per share, for gross proceeds of US$1,497.3 MM, including the underwriters option of 6.3 MM shares. The company received net proceeds of approximately US$1,474 MM, after deducting the underwriting discounts and commissions and estimated offering expenses. The offering was upsized from 34 MM shares to 42 MM shares.

Citigroup Global Markets Inc. acted as book-running manager, while BBVA Securities Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., CIBC World Markets Corp., Fifth Third Securities, Inc., ING Financial Markets LLC, PNC Capital Markets LLC, and Regions Securities LLC acted as underwriters to the company for the offering. Vinson & Elkins L.L.P. acted as legal advisor to the company for the offering.

Deal history

Completed: On March 1, 2017, Plains GP Holdings completed the public offering of 48.3 MM class A shares, at a price of US$31 per share, for gross proceeds of US$1,497.3 MM.

Pricing/Filing: On February 23, 2017, Plains GP Holdings priced an upsized the public offering of 42 MM class A shares, for gross proceeds of US$1,300 MM.

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