Plains All American Pipeline, L.P. PAA and PAA Natural Gas Storage
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.
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