HubsBaker Botts Represents the Underwriters in $800 Million Preferred Offering by Plains All American Pipeline, L.P.
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:
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:
- Corporate: Josh Davidson (Partner; Houston); Jeremy Moore (Partner; Houston); Jennifer Gasser (Associate; Houston)
- Tax: Michael Bresson (Partner; Houston); T. Chuck Campbell (Special Counsel; Houston)
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 13 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy and technology sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.
