Plains All American Pipeline and Plains GP Holdings Renews and Extends Credit Facilities
August 26, 2021 at 04:16 pm EDT
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Plains All American Pipeline and Plains GP Holdings announced that PAA has renewed and extended its two credit facilities (the “Facilities”). The renewed and extended Facilities have an aggregate initial borrowing capacity of $2.7 billion and initial maturities in 2024 and 2026, replacing the previous facilities that were scheduled to mature in 2022 and 2024, respectively. The new Facilities consist of a $1.35 billion Senior Unsecured Revolving Credit Facility with an initial maturity in August 2026 and a $1.35 billion Senior Secured Hedged Inventory Facility with an initial maturity in August 2024. The Facilities provide for one or more one-year extensions and have accordion features which, subject to receipt of incremental lender approval and other terms and conditions, permit PAA to increase borrowing capacity to $2.1 billion and $1.9 billion, respectively. The Facilities will be used for general corporate purposes and replace PAA’s previous credit facilities that had aggregate borrowing capacities of $1.6 billion and $1.4 billion and maturity dates in August 2024 and August 2022, respectively. Funding for the Facilities was led by Bank of America, N.A. as Administrative Agent, with Citibank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association also serving as Co-Syndication Agents. Shearman & Sterling LLP acted as legal counsel to Plains, and Holland & Knight LLP acted as legal counsel to the bank syndication.
Plains All American Pipeline, L.P. is a midstream service provider in North America. The Company owns a network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and natural gas liquids (NGL) producing basins (including the Permian Basin) and transportation corridors and at major market hubs in the United States and Canada. It has two segments: Crude Oil and Natural Gas Liquids (NGL). Its Crude Oil segment operations generally consist of gathering and transporting crude oil using pipelines, gathering systems, trucks and at times on barges or railcars, in addition to providing terminalling, storage and other facilities-related services utilizing its integrated assets across the United States and Canada. Its NGL segment operations involve natural gas processing and NGL fractionation, storage, transportation and terminalling. NGL segment is involved in gathering, fractionation, storage, and/or terminalling services to third-party customers.
PLAINS ALL AMERICAN PIPELINE, L.P. 
