By Andrea Heisinger
New York, April 15 - Plains All American Pipeline LP sold $350 million 8.75% 10-year senior notes Wednesday to yield 8.75%, an informed source said.
The notes (Baa3/BBB-/) priced at 99.994 with a spread of Treasuries plus 592.7 basis points. They have a make-whole call at Treasuries plus 50 bps.
Active bookrunners were Banc of America Securities LLC and J.P. Morgan Securities Inc., with BNP Paribas Securities Corp. and Wachovia Capital Markets LLC as passive bookrunners.
Senior co-managers were DnB NOR Markets Inc., Fortis Securities and SG Americas Securities. Junior co-managers were ING Financial Markets, Mitsubishi UFJ Securities and Scotia Capital.
Proceeds will be used to reduce borrowings under credit facilities, which may be reborrowed to fund future investments, and for general partnership purposes.
The oil and petroleum products company is based in Houston.
| Issuer: | Plains All American Pipeline LP
|
| Issue: | Senior notes
|
| Amount: | $350 million
|
| Maturity: | May 1, 2019
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc. (active), BNP Paribas Securities Corp., Wachovia Capital Markets LLC (passive)
|
| Senior co-managers: | DnB NOR Markets Inc., Fortis Securities, SG Americas Securities
|
| Junior co-managers: | ING Financial Markets, Mitsubishi UFJ Securities, Scotia Capital
|
| Coupon: | 8.75%
|
| Price: | 99.994
|
| Yield: | 8.75%
|
| Spread: | Treasuries plus 592.7 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | April 15
|
| Settlement date: | April 20
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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