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Plains All American may redeem 6.25% notes using notes proceeds
By Jennifer Chiou
New York, July 7 - Plains All American Pipeline LP may apply proceeds from an upcoming offer of senior notes to redeem its 6.25% senior notes due 2015, according to a 424B2 filing with the Securities and Exchange Commission.
Specifically, proceeds will be used to repay outstanding borrowings under the company's credit facilities and for general partnership purposes. In turn, Plains may draw down amounts under the loans to redeem the notes, fund its ongoing expansion capital program and cover potential future acquisitions.
The petroleum and natural gas company is based in Houston.
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