Market Overview

PAA, PAA Nat Gas Renew Credit Facilities, PAA Reports Launch of Commercial Paper Program

Share:
Related PAA
Goldman's Safest And Riskiest Midstream Dividends
Earnings Scheduled For February 8, 2016
Plains All American Pipeline misses by $0.08, misses on revenue (Seeking Alpha)
Related PNG
Oil & Gas Stock Roundup: CVX on Track to Grow Output, XOM's $19B Project Ships First Gas - Analyst Blog
Dow 30 Stock Roundup: Pfizer Scraps Astrazeneca Deal, CVX Production Growth on Track - Analyst Blog

Plains All American Pipeline, L.P. (NYSE: PAA) and PAA Natural Gas Storage (NYSE: PNG) today announced that they have closed the renewal and extension of their principal bank credit facilities. PAA also announced today that the company has established an unsecured commercial paper program on a private placement basis.

PAA renewed two credit facilities: a $1.6 billion, five-year senior unsecured revolving credit facility and a $1.4 billion, three-year senior secured hedged inventory facility. The maturities associated with these facilities represent two-year extensions of previous facilities, which now mature in August 2018 and August 2016, respectively. Both facilities contain accordion features that permit PAA (subject to receipt of incremental lender commitments) to increase borrowing capacity to $2.1 billion and $1.9 billion, respectively.

PNG extended the maturity of its $550 million, five-year senior unsecured credit facility by one year. The facility now matures in August 2017. The credit facility includes a $200 million Gulf Coast Opportunity Zone (GO Zone) tax-exempt term loan and a $350 million revolving credit facility. The revolver includes an accordion feature that permits PNG (subject to receipt of incremental lender commitments) to increase borrowing capacity to $550 million.

Posted-In: News Financing

 

Related Articles (PAA + PNG)

View Comments and Join the Discussion!

Get Benzinga's Newsletters