Deal Description: On June 8, 2020, Plains All American Pipeline, L.P. (NYSE: PAA) commenced and priced a public offering of $750,000,000 3.80% senior notes (the “Notes”). PAA intends to use the net proceeds from the offering to partially repay the principal amounts of its $600 million 5.00% senior notes due 2021 on or prior to their maturity date in February 2021, and, pending such repayment, for general partnership purposes, which may include, among other things, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital.

J.P. Morgan Securities LLC, Barclays Capital Inc., BofA Securities, Inc. and RBC Capital Markets, LLC are acting as joint book running managers in connection with the offering of the Notes, which is expected to close June 11, 2020.

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (“NGL”), and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 7 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas.

Counsel to the Underwriters: Baker Botts L.L.P.

Value: $750,000,000

Baker Botts Lawyers/Office Involved: 

Corporate: Josh Davidson (Partner, Houston); Jeremy Moore (Partner, Houston); Jennifer Gasser (Associate, Houston); and Parker Hinman (Associate, Houston) 

Tax: T. Chuck Campbell (Special Counsel, Houston) 

For more information, please see Plains All American Pipeline, L.P. news release here.

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