PAA - Plains All American Announces Pricing of Public Offering of $650 Million of Senior Notes | Benzinga
HOUSTON, June 17, 2024 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it and PAA Finance Corp., a wholly-owned subsidiary of PAA, as co-issuer, have priced an underwritten public offering (the "Offering") of $650 million aggregate principal amount of 5.700% senior unsecured notes (the "Notes") due 2034 at a price to the public of 99.953% of their face value. The Offering is expected to close on June 27, 2024, subject to the satisfaction of customary closing conditions.
PAA intends to use the net proceeds of approximately $643.3 million from the Offering to repay a portion of the $750 million outstanding principal amount of its 3.60% senior notes due 2024, together with any accrued and unpaid interest, on or prior to their maturity date in November 2024, and, pending such repayment, for general partnership purposes, which may include, among other things, intra-group lending and related transactions, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital.
Citigroup Global Markets Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are acting as joint book-running managers for the offering.
The Offering is being made pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission and may only be ...