Plains All American, PAA Finance jointly pricing $500 million notes due 2023, 2043 on Monday

By Andrea Heisinger

New York, Dec. 3 - Plains All American Pipeline, LP and PAA Finance Corp. pricing $500 million of senior notes (Baa2/BBB/) in two tranches on Monday, according to a 424B2 filing with the Securities and Exchange Commission.

The offering includes maturities of January 2023 and January 2043.

There will be make-whole call options three months prior to maturity on the notes due 2023 and six months before maturity for the bonds due 2043.

Bookrunners are Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc. and UBS Securities LLC.

Proceeds will be used to repay outstanding borrowings under a credit facility and for general partnership purposes.

Plains All American was last in the market with a $1.25 billion sale of notes in two parts on March 13, 2012. The 3.65% 10-year notes from that offering sold at 160 basis points over Treasuries, while a 5.15% 30-year bond priced at 195 bps over Treasuries.

The oil and natural gas transportation, production and storage company is based Houston.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.