News Releases

Baker Botts Represents the Underwriters in $800 Million Preferred Offering by Plains All American Pipeline, L.P.

News Release
Deal Description: Plains All American Pipeline, L.P. (NYSE: PAA) issued and sold 800,000 of its 6.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the "Series B Preferred Units") at a price of $1,000 per Series B Preferred Unit. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering. The offering is expected to close on October 10, 2017, subject to the satisfaction of customary closing conditions. 

Plains expects to receive net proceeds of approximately $787.8 million, after deducting the underwriters' discounts and estimated offering expenses. Plains intends to use the net proceeds from this offering to repay amounts outstanding under its credit facilities and commercial paper program and for general partnership purposes, which may include, among other things, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital. 

Baker Botts Lawyers/Office Involved: 


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