Plains All American Pipeline LP (NYSE: PAA) has completed an underwritten public offering of $750 million aggregate principal amount of 4.500% senior unsecured notes due December 15, 2026, at a public offering price of 99.716% with a yield to maturity of 4.535%.
Total net proceeds of the offering were approximately $741.3 million. The Partnership intends to use the net proceeds from this offering to repay outstanding borrowings under its senior unsecured revolving credit facility and commercial paper program and for general partnership purposes. Amounts repaid under the Partnership's senior unsecured revolving credit facility and commercial paper program may be reborrowed, as necessary, to fund its ongoing expansion capital program, future acquisitions and investments or for general partnership purposes.
J.P. Morgan Securities LLC; BNP Paribas Securities Corp.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Wells Fargo Securities, LLC; BBVA Securities Inc.; DNB Markets, Inc.; and SMBC Nikko Securities America, Inc. acted as joint book-running managers of the offering.