Last $48.90 USD
Change Today -0.90 / -1.81%
Volume 1.3M
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plains all amer pipeline lp (PAA) Key Developments

Sandell Asset Management In Talks to Sell SemGroup Corporation

Sandell Asset Management Corp. released a letter to the Board of Directors of the Company requesting that the Board review strategic alternatives including the exploration of the sale of SemGroup Corporation. Tom Sandell, Chief Executive Officer of Sandell, said, “Although we believe management and the Board of SemGroup have been respectable stewards of the Company over the past few years, we simply believe that in this environment the best outcome for shareholders is for the Company to sell itself. As long time investors in the North American energy infrastructure industry and SEMG’s shares, we firmly believe there are a number of potential acquirers for the entire company at significant premiums to current trading levels given its highly valued asset base and pipeline of exciting growth opportunities.” Basket of potential acquirers includes Magellan Midstream Partners LP (NYSE:MMP), Plains All American Pipeline, L.P. (NYSE:PAA), Spectra Energy Corp. (NYSE:SE), Enterprise Products Partners L.P. (NYSE:EPD), Kinder Morgan Financial Corp. and SemGroup Corporation (NYSE:SEMG).

Plains All American Pipeline, L.P. Enters into a New $1.0 Billion 364-Day Credit Facility

Plains All American Pipeline, L.P. announced that it has entered into a new $1.0 billion 364-day credit facility to provide additional liquidity. The facility closed on January 16, 2015, and pursuant to its terms, Plains All American 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 approximately $2.6 billion to $3.6 billion as of December 31, 2014. Bank of America, N.A. served 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.

Plains All American Pipeline, L.P. Announces Quarterly Cash Distributions for the Fourth Quarter of 2014, Payable on February 13, 2015

Plains All American Pipeline, L.P. announced their quarterly cash distributions with respect to the fourth quarter of 2014. The distributions will be payable on February 13, 2015 to holders of record of each security at the close of business on January 30, 2015. PAA increased its quarterly cash distribution to $0.675 per limited partner unit ($2.70 per unit on an annualized basis), an increase of 2.3% over the quarterly distribution of $0.66 per unit ($2.64 per unit on an annualized basis) paid in November 2014.

Plains All American Pipeline, L.P. Presents at UBS MLP One-on-One Conference, Jan-12-2015

Plains All American Pipeline, L.P. Presents at UBS MLP One-on-One Conference, Jan-12-2015 . Venue: St. Regis Deer Valley, Park City, Utah, United States. Speakers: Al Swanson, Chief Financial Officer of Plains All American GP LLC and Executive Vice President of Plains All American GP LLC, Ryan Smith, Director of Investor Relations of Plains All American GP LLC.

PAA Mulls Acquisitions

Plains All American Pipeline, L.P. (NYSE:PAA) is seeking acquisitions. PAA announced that it has completed underwritten public offering of two series of senior notes. $500 million aggregate principal amount of 2.60% senior unsecured notes due December 15, 2019, at a public offering price of 99.813% with a yield to maturity of 2.64%. $650 million aggregate principal amount of 4.90% senior unsecured notes due February 15, 2045 at public offering price of 99.876% of face amount with yield to maturity of 4.907%. Total net proceeds of the offering were approximately $1.138 billion. Plains intend to use the net proceeds to repay outstanding borrowings under its commercial paper program and for general partnership purposes. Amounts repaid under the Partnership's commercial paper program may be reborrowed, as necessary, to fund its ongoing expansion capital program or future acquisitions, or for general partnership purposes.

 

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PAA

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Price/Earnings 21.8x
Price/Sales 0.4x
Price/Book 2.4x
Price/Cash Flow 15.2x
TEV/Sales 0.2x
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