Plains All American Pipeline, L.P. announced that it has entered into a new $1.2 billion credit facility to provide additional liquidity.
The facility closed on December 9, 2011 but has not been activated. Pursuant to its terms, PAA may activate the facility at any time over the next six months, resulting in a maturity 364 days from the activation date.
“ We appreciate the continued support from our banks. This liquidity facility enhances our flexibility in accessing the capital markets opportunistically, as we complete the financing for the five acquisitions totaling $2.3 billion announced on December 1, 2011 ,” said Al Swanson, Executive VP and CFO of Plains All American . “ This facility also provides additional liquidity and financial flexibility with which to execute our other growth plans. ”
DNB Bank served as Administrative Agent and Joint Bookrunner. Bank of America and JPMorgan Chase Bank served as Co-Syndication Agents and Joint Bookrunners. Also participating in the facility were Mizuho Corporate Bank, UBS Loan Finance and Wells Fargo Bank.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P., PAA is also engaged in the development and operation of natural gas storage facilities.
[mappress] LNG World News Staff, December 13, 2011; Image: Plains All American Pipeline