Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Plains All American Pipeline, L.P.
Baird served as a co-manager in this offering
Plains All American Pipeline, L.P. (NYSE: PAA) (“PAA” or the “Partnership”) recently completed a follow-on offering of 5,750,000 common units at a price of $80.03 per unit, generating gross proceeds of approximately $460.2 million. The Partnership intends to use the net proceeds from this offering to fund a portion of its acquisition of BP Canada Energy Company, a wholly owned subsidiary of BP Corporation North America Inc. Pending the application of the net proceeds to fund this acquisition, the Partnership intends to repay all borrowings outstanding under its credit facilities and use the balance for general Partnership purposes.
PAA is a Delaware limited partnership that was formed in September 1998. The Partnership engages in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids. The Partnership also owns and operates natural gas storage facilities through its direct and indirect ownership of PAA Natural Gas Storage, L.P. (“PNG”), which is a fee-based, growth-oriented Delaware limited partnership engaged in the ownership, acquisition, development, operation and commercial management of natural gas storage facilities.