Plains All American Pipeline LP (NYSE: PAA) has completed an underwritten public offering of $1 billion aggregate principal amount of 4.65% senior unsecured notes due Oct. 15, 2025, at a public offering price of 99.846% of the face amount of the notes with a yield to maturity of 4.668%.
Total net proceeds of the offering were approximately $990.5 million. The Partnership intends to use the net proceeds from this offering to repay outstanding borrowings under its commercial paper program and for general partnership purposes. Amounts repaid under the Partnership's commercial paper program may be re-borrowed, as necessary, to fund its ongoing expansion capital program or future acquisitions and investments, or for general partnership purposes.
Citigroup Global Markets Inc., Mizuho Securities USA Inc., Mitsubishi UFJ Securities (USA) Inc., UBS Securities LLC, Deutsche Bank Securities Inc., and DNB Markets Inc. acted as joint book-running managers of the offering.