Pipeline firm finishes$1 billion in offering of notes

Houston’s Plains All American Pipeline, L.P. announced completion of a $1 billion underwritten public offering of senior notes.

The company said the sale involved the 3.550% senior unsecured notes due December 15, 2029 at a public offering price of 99.801% with a yield to maturity of 3.572%.

Total net proceeds of the offering were approximately $989.1 million. The partnership intends to use the net proceeds from the offering to partially repay the principal amounts of its $500 million 2.60% senior notes due 2019 and $500 million 5.75% senior notes due 2020 at their respective maturity dates in December 2019 and January 2020, and, pending such repayment, for general partnership purposes, which may include, among other things, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital.

 

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