Plains All American Pipeline, L.P. (PAA) has recently announced that it has completed an underwritten public offering of US$750 million aggregate principal amount of 4.5% senior unsecured notes due 15 December 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 US$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 programme, along with general partnership purposes. Amounts repaid under the partnership's senior unsecured revolving credit facility and commercial paper programme may be reborrowed, as necessary, to fund its ongoing expansion capital programme, future acquisitions and investments or for general partnership purposes.
Read the article online at: https://www.worldpipelines.com/business-news/24112016/plains-all-american-completes-public-offering/