PAGP Announces Public Offering of Class A Shares
February 23 2017 - 4:10PM
Business Wire
Plains GP Holdings, L.P. (NYSE: PAGP) today announced that it
has commenced an underwritten public offering of 34,000,000 of its
Class A shares representing limited partner interests. The
underwriter intends to offer the shares from time to time for sale
in one or more transactions on the New York Stock Exchange, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices.
The Partnership also intends to grant the underwriter a 30-day
option to purchase up to 5,100,000 additional Class A shares.
Pursuant to the Omnibus Agreement dated as of November 15, 2016
by and among the Partnership, PAA GP Holdings LLC, Plains AAP, L.P.
(“AAP”), PAA GP LLC and Plains All American Pipeline, L.P. (NYSE:
PAA), the Partnership has agreed to use the net proceeds from any
public or private offering and sale of Class A shares, including
the current offering, to purchase from AAP a number of AAP Class A
units equal to the number of Class A shares sold in such offering
at a price equal to the net proceeds from such offering. The
Omnibus Agreement also provides that immediately following such
purchase and sale, AAP will use the net proceeds it receives from
such sale of AAP Class A units to the Partnership to purchase from
PAA an equivalent number of common units of PAA.
PAA is expected to use the net proceeds it receives from the
sale of such common units to AAP to repay outstanding borrowings
under its senior unsecured revolving credit facilities and for
general partnership purposes, which may include, among other
things, repayment of indebtedness, acquisitions, capital
expenditures and additions to working capital.
Citigroup will act as sole book-running manager of the
offering.
The Class A shares will be offered and sold pursuant to an
effective shelf registration statement on Form S-3 previously filed
with the Securities and Exchange Commission, and only by means of a
prospectus supplement and accompanying base prospectus. When
available, copies of the prospectus supplement and accompanying
base prospectus relating to the offering may be obtained from
Citigroup as follows:
Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (800) 831-9146
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Plains GP Holdings is a publicly traded entity that owns an
indirect, non-economic controlling general partner interest in PAA
and an indirect limited partner interest in PAA, one of the largest
energy infrastructure and logistics companies in North America.
PAGP is headquartered in Houston, Texas.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170223006629/en/
Investors:Plains GP Holdings, L.P.Ryan Smith,
866-809-1291Director, Investor Relations
Plains All American Pipe... (NYSE:PAA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Plains All American Pipe... (NYSE:PAA)
Historical Stock Chart
From Sep 2023 to Sep 2024