Plains All American completes public offering, to use $494M proceeds to pay borrowings
By APFriday, September 4, 2009
Plains All American completes $500M offering
HOUSTON — Plains All American Pipeline LP said Friday it received $494 million in net proceeds from a recent offering of senior unsecured notes.
The crude oil transporter said it completed a public offering of $500 million on principle amount of 5.75 percent senior unsecured notes due January 15, 2020. The offering price was $99.523 (per $100) to yield 5.813 percent.
Net proceeds will be used to pay outstanding borrowings under the current credit facility.
Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc., UBS Securities LLC and Wells Fargo Securities LLC were joint book-running managers of the offering.
Shares of Plains All American Pipeline fell 15 cents to $47.83 in afternoon trading.
YOUR VIEW POINT
