Plains All American Pipeline Completes Public Offering Of Preferrence Units For US$800 Million

Published: Oct 02 2017
Deal Summary

Plains All American Pipeline, L.P., a midstream company, completed the public offering of 800,000 6.125% Series B fixed-to-floating rate cumulative redeemable perpetual preferred units, at a price of US$1,000 per unit, for gross proceeds of US$800 million (MM). The company received net proceeds of approximately US$787.8 MM, after deducting the underwriters’ discounts and estimated offering expenses. Dividend on the units will be payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2017, and, after November 15, 2022, quarterly in arrears on the February 15, May 15, August 15, and November 15 of each year.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC acted as joint book-running managers, while BBVA Securities Inc., BNP Paribas Securities Corp., DNB Markets, Inc., Mizuho Securities USA Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc., and U.S. Bancorp Investments, Inc. acted as underwriters to the company for the offering. Vinson & Elkins L.L.P. acted as legal advisor to the company for the offering.

The company intends to use the proceeds from the offering repay outstanding debt under its credit facilities and commercial paper program, and for general partnership purposes, which includes debt repayment, acquisitions, capital expenditures and working capital.

Deal history

Completed: On October 10, 2017, Plains All American Pipeline completed the public offering of 800,000 6.125% Series B fixed-to-floating rate cumulative redeemable perpetual preferred units, at a price of US$1,000 per unit, for gross proceeds of US$800 MM.

Pricing: On October 4, 2017, Plains All American Pipeline priced the public offering of 800,000 of its 6.125% Series B fixed-to-floating rate cumulative redeemable perpetual preferred units, at a price of US$1,000 per unit, for gross proceeds of US$800 MM.

Filing: On October 2, 2017, Plains All American Pipeline filed the Form S-3 with the US Securities and Exchange Commission.

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