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Plains All American Pipeline closes series B preferred units offering

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Plains All American Pipeline closes series B preferred units offering

Plains All American Pipeline LP on Oct. 10 closed its public offering of 800,000 of its 6.125% series B preferred units at $1,000 per unit, according to an Oct. 12 SEC filing.

In connection with the issuance of the series B units, as of Oct. 10, the partnership's general partner, PAA GP LLC, executed the seventh amended and restated agreement of limited partnership of Plains All American Pipeline. It was done to authorize and establish rights, preference and privileges of the issued units, among other things.

Plains All American Pipeline intends to use the net proceeds from the offering to repay indebtedness under its credit facilities and commercial paper program and for general partnership purposes such as acquisitions and CapEx.