By Andrea Heisinger
New York, July 7 - Plains All American Pipeline LP and PAA Finance Corp. priced an upsized $400 million of 3.95% five-year senior unsecured notes on Wednesday to yield Treasuries plus 220 basis points, a source away from the deal said.
The size was increased from a planned $300 million, the source said.
The notes (Baa3/BBB-) priced at 99.889 to yield 3.975%. They have a make-whole call at Treasuries plus 35 bps.
The notes are guaranteed by certain subsidiaries.
Bookrunners were J.P. Morgan Securities Inc., Bank of America Merrill Lynch and BNP Paribas Securities Corp.
Mizuho Securities USA Inc., Scotia Capital USA Inc., ING Financial Markets LLC, SG Americas Securities LLC, U.S. Bancorp Investments Inc., BBVA Securities Inc., BMO Capital Markets Corp., Comerica Securities Inc., Daiwa Capital Markets America Inc., Morgan Stanley & Co. Inc., Natixis Bleickroeder LLC and the Williams Capital Group LP were the co-managers.
Proceeds are being used to repay borrowings under credit facilities and for general partnership purposes.
The oil and gas transportation and storage company is based in Houston.
| Issuer: | Plains All American Pipeline LP, PAA Finance Corp.
|
| Issue: | Senior unsecured notes
|
| Guarantors: | Certain subsidiaries
|
| Amount: | $400 million, upsized from $300 million
|
| Maturity: | Sept. 15, 2015
|
| Bookrunners: | J.P. Morgan Securities Inc., Bank of America Merrill Lynch, BNP Paribas Securities Corp.
|
| Co-managers: | Mizuho Securities USA Inc., Scotia Capital USA Inc., ING Financial Markets LLC, SG Americas Securities LLC, U.S. Bancorp Investments Inc., BBVA Securities Inc., BMO Capital Markets Corp., Comerica Securities Inc., Daiwa Capital Markets America Inc., Morgan Stanley & Co. Inc., Natixis Bleickroeder LLC, Williams Capital Group LP
|
| Coupon: | 3.95%
|
| Price: | 99.889
|
| Yield: | 3.975%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | July 7
|
| Settlement date: | July 14
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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