Deal Description: Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings, L.P. (NYSE: PAGP) announced on September 18, 2019 the pricing of concurrent secondary public offerings (the “Offerings”) by Oxy Holdings Company (Pipeline), Inc., a wholly-owned subsidiary of Occidental Petroleum Corporation (NYSE: OXY), of (i) 14,977,890 common units of PAA at a price to the public of $21.46 per unit and (ii) 15,000,000 Class A shares of PAGP at a price to the public of $22.05 per share.
Barclays Capital Inc. is acting as the sole underwriter in connection with the Offerings, which are expected to close September 23, 2019. The Notes will be offered and sold pursuant to effective shelf registration statements on Form S-3 previously filed with the Securities and Exchange Commission and only by means of prospectus supplements and accompanying base prospectuses.
Counsel to the Underwriter: Baker Botts L.L.P.
Value: $321,400,000 for PAA common units and $330,800,000 for PAGP Class A shares, respectively
Baker Botts Lawyers/Office Involved:
Corporate: Josh Davidson (Partner; Houston); Jeremy Moore (Partner; Houston); Jennifer Gasser (Associate; Houston); Sunil Jamal (Associate; Houston); Emmie Proctor (Associate; Houston) and Parker Hinman (Associate; Houston)
Tax: T. Chuck Campbell (Special Counsel; Houston)
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