Plains All American Pipeline sells $350 million 10-year Rule 144A senior notes at Treasuries plus 275 bps

By Andrea Heisinger

Omaha, April 18 - Plains All American Pipeline LP priced $350 million of 10-year senior notes on Friday, according to a press release from the company.

The Rule 144A notes priced to yield 275 basis points more than Treasuries.

Other terms of the issuance were not immediately disclosed.

Proceeds will be used to reduce outstanding borrowings under credit facilities, which may be reborrowed to fund the company's capital program, including the acquisition of Rainbow Pipe Line Co. and other acquisitions. Proceeds also may be used for general corporate purposes.

The oil and petroleum products company is based in Houston.

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