PAA completes public offering of $1.15 billion of senior notes

Plains All American Pipeline LP

Plains All American Pipeline LP (NYSE: PAA) has completed an underwritten public offering of two series of senior notes: $500 million aggregate principal amount of 2.60% senior unsecured notes due Dec. 15, 2019, at a public offering price of 99.813% of face amount with a yield to maturity of 2.640%; and $650 million aggregate principal amount of 4.90% senior unsecured notes due Feb. 15, 2045, at a public offering price of 99.876% of face amount with a yield to maturity of 4.907%.

Total net proceeds of the offering were approximately $1.138 billion. The Partnership intends to use the net proceeds from this offering to repay outstanding borrowings under its commercial paper program (a portion of which was used to fund the BridgeTex acquisition completed on Nov. 14). Amounts repaid under the Partnership's commercial paper program may be reborrowed, as necessary, to fund its ongoing expansion capital program or future acquisitions, or for general partnership purposes.

Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BBVA Securities Inc., RBC Capital Markets LLC, and SMBC Nikko Securities America Inc. acted as joint book-running managers of the offering.

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