Houston-based Plains All American Pipeline LP (NYSE: PAA) has completed an underwritten public offering of $700 million aggregate principal amount of 3.850% senior unsecured notes due October 15, 2023, at a public offering price of 99.792% with a yield to maturity of 3.874%.
Total net proceeds of the offering were approximately $693.0 million. The partnership intends to use the net proceeds from this offering to repay outstanding borrowings under its credit facilities and for general partnership purposes. Amounts repaid under the partnership's credit facilities may be reborrowed, as necessary, to fund its ongoing expansion capital program, future acquisitions or for general partnership purposes.
J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; DNB Markets, Inc.; and Mizuho Securities USA Inc. acted as joint book-running managers of the offering.