Plains All American Pipeline, L.P. Completes Public Offering Of $1.25 Billion Of Senior Notes

Plains All American Pipeline, L.P. announced that it has completed an underwritten public offering of two series of senior notes $750 million aggregate principal amount of 3.65% senior unsecured notes due June 1, 2022, at a public offering price of 99.823% with a yield to maturity of 3.67%; and $500 million aggregate principal amount of 5.15% senior unsecured notes due June 1, 2042, at a public offering price of 99.755% with a yield to maturity of 5.165%. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Wells Fargo Securities, LLC, DNB Markets, Inc., and Mizuho Securities USA Inc. acted as joint book running managers of the offering. Total net proceeds of the offering were $1.237 billion. The Partnership intends to use the net proceeds of the offering to fund a portion of the consideration for the acquisition of all outstanding shares of BP Canada Energy Company, a wholly owned subsidiary of BP Corporation North America Inc. Pending the application of the net proceeds to fund the BP NGL Acquisition, the Partnership intends to use the net proceeds for general partnership purposes. If the BP NGL Acquisition is not consummated for any reason, the Partnership may use the net proceeds for general partnership purposes, including future acquisitions and capital program expenditures.