Deal Description: On June 17, 2024, Plains All American Pipeline, L.P. (“Plains”) (Nasdaq: PAA) and PAA Finance Corp., a wholly owned Plains subsidiary (together with Plains, the “Company”), commenced and priced a public offering of $650 million aggregate principal amount of 5.700% senior unsecured notes due 2034 (the “Notes”).

The Company intends to use the net proceeds from the offering to repay a portion of its $750 million 3.600% senior notes due 2024 on or prior to the maturity date in November 2024 and, pending such repayment, for general partnership purposes, which may include, among other things, intra-group lending and related transactions, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital.

Citigroup Global Markets Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are acting as joint book running managers in connection with the offering of the Notes. The offering is expected to close June 27, 2024, subject to satisfaction of customary closing conditions.

Plains is a publicly traded master limited partnership that owns and operates midstream energy infrastructure systems and provides logistics services for crude oil and natural gas liquids (“NGL”). Plains owns an extensive network of pipeline gathering and transportation systems, terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and at major market hubs in the United States and Canada. On average, Plains handles more than 8 million barrels per day of crude oil and NGL. Plains is headquartered in Houston, Texas.

For more information, please see the Company’s press release.

Baker Botts L.L.P. represented the underwriters in the offering.

Baker Botts Lawyers/Office Involved: 

Corporate: Josh Davidson (Partner, Houston); Doug Getten (Partner, Houston); Parker Hinman (Senior Associate, Houston); Edmund Gyasi (Associate, Houston); Blake Vick (Associate, Houston)

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

Environmental: Elizabeth Singleton (Special Counsel, Houston)

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