By Andrea Heisinger
Omaha, April 23 - Plains All American Pipeline, LP priced $600 million 6.5% 10-year senior notes to yield Treasuries plus 275 basis points, according to a press release and market sources.
The Rule 144A notes (Baa3/BBB-) priced at 99.424 to yield 6.579%.
Proceeds will be used to reduce outstanding borrowings under the partnership's credit facilities, which may be reborrowed to fund its capital program, including the acquisition of the Rainbow Pipe Line Co. and other acquisitions. Proceeds also may be used for general partnership purposes.
The crude oil and petroleum products company is based in Houston.
| Issuer: | Plains All American Pipeline, LP
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | May 1, 2018
|
| Coupon: | 6.5%
|
| Price: | 99.424
|
| Yield: | 6.579%
|
| Spread: | Treasuries plus 275 bps
|
| Distribution: | Rule 144A
|
| Trade date: | April 18
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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