Plains All American Pipeline (PAA) and its wholly-owned subsidiary PAA Finance Corp. have priced an underwritten public offering of $650 million aggregate principal amount of 5.7% senior unsecured notes due 2034. (Source: Shutterstock)
Plains All American Pipeline (PAA) and its wholly-owned subsidiary PAA Finance Corp. have priced an underwritten public offering of $650 million aggregate principal amount of 5.7% senior unsecured notes due 2034.
The pricing of the notes represents 99.95% of their face value, PAA said in its June 17 press release.
The company plans to use approximately $643.3 million of the net proceeds from the offer to repay a portion of the $750 million outstanding principal amount of its 3.6% senior notes due 2024, along with unpaid or accrued interest.
Citigroup Global Markets, MUFG Securities Americas, SMBC Nikko Securities America and Truist Securities are acting as joint book-running managers for the offering.
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