Plains All American Completes Public Offering of $1.0 Billion of Senior Notes

Source Press Release
Company Plains All American Pipeline 
Tags Debt Financing, Financing
Date September 16, 2019

Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has completed an underwritten public offering of $1.0 billion aggregate principal amount of 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.

Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. acted as joint book-running managers and representatives of the several underwriters of the offering.

Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:

Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (800) 831-9146
Email: prospectus@citi.com 
Mizuho Securities USA LLC
320 Park Avenue, 12th Floor
New York, NY 10022
Attention: Debt Capital Markets Desk
Telephone: (866) 271-7403 
MUFG Securities Americas Inc.
1221 Avenue of the Americas, 6th Floor
New York, NY 10020-1001
Attention: Capital Markets Group
Telephone: 1-877-649-6848 
Scotia Capital (USA) Inc.
250 Vesey Street, 24th Floor
New York, NY 10281
Attention: Debt Capital Markets
Telephone: 212-225-5501 

The senior notes were offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission and only by means of a prospectus supplement and accompanying base prospectus.

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