PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, April 19, 2:37 PM
| This Slide: #232 of 620 |
Slide #232. Plains All American Pipeline, L.P. — Preferred Stock Offering
Company:
Plains All American Pipeline, L.P. (NASDAQ:PAA)
Date announced:
10/4/2017
Shares Offered:
800,000
Date of Pricing:
10/4/2017
Price Per Share:
$1,000.00
Preferred Stock Offering Details:
Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it has priced an underwritten public offering of 800,000 of its 6.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the "Series B Preferred Units") at a price of $1,000 per Series B Preferred Unit. Distributions on the Series B Preferred Units will be payable semi-annually in arrears on the 15th day of May and November through and including November 15, 2022 and, thereafter, quarterly in arrears on the 15th day of February, May, August, and November of each year (each, a "Distribution Payment Date") to holders of record as of the close of business on the first business day of the month of the applicable Distribution Payment Date. The initial distribution rate for the Series B Preferred Units from and including the date of original issue to, but not including, November 15, 2022 will be 6.125% per annum of the $1,000 liquidation preference per unit (equal to $61.25 per unit per annum). On and after November 15, 2022, distributions on the Series B Preferred Units will accumulate at a percentage of the liquidation preference equal to an annual floating rate equal to the three-month LIBOR plus a spread of 4.11%. The offering is expected to close on October 10, 2017, subject to the satisfaction of customary closing conditions.
Plains All American Pipeline is a holding company. Through its subsidiaries, Co. owns and operates midstream energy infrastructure and provides logistics services mainly for crude oil, natural gas liquids (NGL) and natural gas. Co. has three operating segments: Transportation, which provides activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges; Facilities, which provides storage, terminalling and throughput services primarily for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services; and Supply and Logistics, which provides merchant-related activities.
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Buy (2.89 out of 4) 100th percentile
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