Plains All American Pipeline LP entered into a new $1 billion, 364-day credit facility to provide additional liquidity. The facility closed on Jan. 16 and pursuant to its terms, Plains has up to 364 days to draw on the facility and repay any loans thereunder. This facility increased the partnership’s committed liquidity on a pro forma basis from about $2.6 billion to $3.6 billion as of Dec. 31, 2014.
Bank of America NA acted as administrative agent. Merrill Lynch, Pierce, Fenner & Smith served as a joint lead arranger, and was joined by: Citigroup Global Markets Inc.; DNB Markets Inc.; J.P. Morgan Securities LLC; Mizuho Bank Ltd.; and Wells Fargo Securities LLC as joint lead arrangers.
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