Plains All American Pipeline, L.P. and PAA Natural Gas Storage announced they have expanded the size, extended the tenor and made other amendments to certain of their credit facilities.
PAA expanded its Hedged Inventory Facility from $850 million to $1.4 billion and extended the term by one year. The facility now matures in August 2014. PNG expanded its Revolving Credit Facility from $250 million to $350 million. This facility matures in August 2016.
"The expansion of PAA's Hedged Inventory Facility more than replaces the $500 million of three-year Sr. Notes maturing in September, 2012 that were utilized to supplement our hedged inventory facility. Furthermore, the increased size and amended terms of the facility support PAA's expanded activities related to the recent acquisition of BP's Canadian natural gas liquids business platform and will enhance PAA's ability to use its storage and related assets to capitalize on volatile market conditions in the crude oil sector," said Charles Kingswell-Smith, Vice President & Treasurer of Plains All American Pipeline.
Recommended Reading
Midstream Operators See Strong NGL Performance in Q4
2024-02-20 - Export demand drives a record fourth quarter as companies including Enterprise Products Partners, MPLX and Williams look to expand in the NGL market.
Post $7.1B Crestwood Deal, Energy Transfer ‘Ready to Roll’ on M&A—CEO
2024-02-15 - Energy Transfer co-CEO Tom Long said the company is continuing to evaluate deal opportunities following the acquisitions of Lotus and Crestwood Equity Partners in 2023.
Pembina Pipeline Enters Ethane-Supply Agreement, Slow Walks LNG Project
2024-02-26 - Canadian midstream company Pembina Pipeline also said it would hold off on new LNG terminal decision in a fourth quarter earnings call.
Williams Beats 2023 Expectations, Touts Natgas Infrastructure Additions
2024-02-14 - Williams to continue developing natural gas infrastructure in 2024 with growth capex expected to top $1.45 billion.
Waha NatGas Prices Go Negative
2024-03-14 - An Enterprise Partners executive said conditions make for a strong LNG export market at an industry lunch on March 14.