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PLAINS ALL AMERICAN PIPELINE, L.P.

(PAA)
  Report
Delayed Nasdaq  -  04:00 2022-12-02 pm EST
12.24 USD   +0.16%
12/02Truist Securities Adjusts Price Target on Plains All American Pipeline, L.P to $15 From $14, Maintains Buy Rating
MT
11/21JPMorgan Downgrades Plains All American Pipeline to Neutral Rating From Overweight, Adjusts Price Target to $14 From $15
MT
11/21Waiting for a trend to emerge
MS
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PLAINS ALL AMERICAN PIPELINE LP : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

08/25/2022 | 05:09pm EST

Item 1.01. Entry into a Material Definitive Agreement.

Amendment to Senior Unsecured Revolving Credit Agreement

On August 22, 2022, Plains All American Pipeline, L.P. (the "Partnership") and Plains Midstream Canada ULC ("PMC") entered into that certain First Amendment to Credit Agreement (the "Revolving Credit Facility Amendment") amending certain of the terms of their Credit Agreement dated as of August 20, 2021 among the Partnership and PMC, as borrowers, Bank of America, N.A., as administrative agent, and the other lenders party thereto (as amended, the "Revolving Credit Agreement"). Pursuant to the Revolving Credit Facility Amendment, among other things, the Eurocurrency Rate was replaced with Term SOFR and Canadian Term Rate, as applicable, and a mechanism was added to replace Term SOFR and Canadian Term Rate or other then-applicable interest rate benchmark if it is no longer available. In connection with the Revolving Credit Facility Amendment, the Maturity Date of the Revolving Credit Agreement was also extended from August 20, 2026 to August 20, 2027. Terms used in this paragraph but not defined herein have the meanings assigned to them in the Revolving Credit Agreement.

Amendment to Hedged Inventory Credit Agreement

On August 22, 2022, Plains Marketing, L.P. ("PMLP"), a wholly-owned subsidiary of the Partnership, and PMC entered into that certain First Amendment to Fourth Amended and Restated Credit Agreement (the "Hedged Inventory Facility Amendment" and together with the Revolving Credit Facility Amendment, the "Amendments") amending certain of the terms of their Fourth Amended and Restated Credit Agreement dated as of August 20, 2021 among PMLP and PMC, as borrowers, the Partnership, as guarantor, Bank of America, N.A., as administrative agent, and the other lenders party thereto (as amended, the "Hedged Inventory Facility"). Pursuant to the Hedged Inventory Facility Amendment, among other things, the Eurocurrency Rate was replaced with Term SOFR and Canadian Term Rate, as applicable, and a mechanism was added to replace Term SOFR and Canadian Term Rate or other then-applicable interest rate benchmark if it is no longer available. In connection with the Hedged Inventory Facility Amendment, the Maturity Date of the Hedged Inventory Facility was also extended from August 20, 2024 to August 20, 2025. Terms used in this paragraph but not defined herein have the meanings assigned to them in the Hedged Inventory Facility.

The above descriptions of the Amendments are qualified in their entirety by the terms of the Revolving Credit Facility Amendment and the Hedged Inventory Facility Amendment, as applicable, which are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an

            Off-Balance Sheet Arrangement of a Registrant.



The disclosure set forth above in Item 1.01 is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.




(d) Exhibits




      Exhibit 10.1 -       First Amendment to Credit Agreement dated as of
                         August 22, 2022, among Plains All American Pipeline, L.P.
                         and Plains Midstream Canada ULC, as Borrowers; certain
                         subsidiaries of Plains All American Pipeline, L.P. from
                         time to time party thereto, as Designated Borrowers; Bank
                         of America, N.A., as Administrative Agent and Swing Line
                         Lender; Bank of America, N.A., Citibank, N.A., JPMorgan
                         Chase Bank, N.A. and Wells Fargo Bank, National
                         Association, as L/C Issuers; and the other Lenders party
                         thereto.

      Exhibit 10.2 -       First Amendment to Fourth Amended and Restated Credit
                         Agreement dated as of August 22, 2022, among Plains
                         Marketing, L.P. and Plains Midstream Canada ULC, as
                         Borrowers; Plains All American Pipeline, L.P., as
                         guarantor; Bank of America, N.A., as Administrative Agent
                         and Swing Line Lender; Bank of America, N.A., Citibank,
                         N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank,
                         National Association, as L/C Issuers; and the other
                         Lenders party thereto.

    Exhibit 104 -        Cover Page Interactive Data File (embedded within the
                         inline XBRL document).

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Financials (USD)
Sales 2022 59 789 M - -
Net income 2022 928 M - -
Net Debt 2022 8 895 M - -
P/E ratio 2022 9,70x
Yield 2022 7,26%
Capitalization 8 548 M 8 548 M -
EV / Sales 2022 0,29x
EV / Sales 2023 0,28x
Nbr of Employees 4 100
Free-Float 58,8%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 12,24 $
Average target price 15,11 $
Spread / Average Target 23,5%
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Managers and Directors
Willie C. W. Chiang Chairman & Chief Executive Officer
Harry N. Pefanis President & Non-Independent Director
Alan P. Swanson Chief Financial Officer & Executive Vice President
Alfred A. Lindseth Senior VP-Technology, Process & Risk Management
Chris R. Chandler Chief Operating Officer & Executive VP
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