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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Thursday, February 1, 9:42 AM

Slide #26. Plains All American Pipeline, L.P. Preferred Stock Offering

Company: Plains All American Pipeline, L.P. (NYSE:PAA)
Date announced: 10/4/2017
Shares Offered: 800,000
Date of Pricing: 10/4/2017
Price Per Share: $1,000.00
Preferred Stock Offering Details: Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it has priced an underwritten public offering of 800,000 of its 6.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the "Series B Preferred Units") at a price of $1,000 per Series B Preferred Unit. Distributions on the Series B Preferred Units will be payable semi-annually in arrears on the 15th day of May and November through and including November 15, 2022 and, thereafter, quarterly in arrears on the 15th day of February, May, August, and November of each year (each, a "Distribution Payment Date") to holders of record as of the close of business on the first business day of the month of the applicable Distribution Payment Date. The initial distribution rate for the Series B Preferred Units from and including the date of original issue to, but not including, November 15, 2022 will be 6.125% per annum of the $1,000 liquidation preference per unit (equal to $61.25 per unit per annum). On and after November 15, 2022, distributions on the Series B Preferred Units will accumulate at a percentage of the liquidation preference equal to an annual floating rate equal to the three-month LIBOR plus a spread of 4.11%. The offering is expected to close on October 10, 2017, subject to the satisfaction of customary closing conditions.

Plains All American Pipeline is a holding company. Through its subsidiaries, Co. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. Co. has three operating segments: transportation, which includes transporting crude oil and NGL on pipelines, gathering systems, trucks and barges; facilities, which focuses on providing storage, terminalling and throughput services, NGL fractionation and isomerization services and natural gas and condensate processing services; and supply and logistics, which consists of merchant-related activities such as the purchase of crude oil at the wellhead.
Open the PAA Page at Ru Back Packer »

Name: Plains All American Pipeline LP
Website: plainsallamerican.com
Sector: Oil & Gas Equipment & Services
Number of ETFs Holding PAA: 6 (see which ones)
Total Market Value Held by ETFs: $51,605,877
Total Market Capitalization: $16,027,000,000
% of Market Cap. Held by ETFs: 0.32%

Open the PAA Page at Ru Back Packer (in a new window) »

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