PAA increased the size of its hedged inventory facility to $1.4bn from $850m and stretched the time period by a year and this credit facility matures in August 2014.
PNG added $100m to its existing revolving credit facility and increased it from $250m to $350m and the facility matures in August 2016.
Plains All American Pipeline vice president & treasurer Charles Kingswell-Smith said the company received support of the financial institutions and with these amendments it welcomes new institutions to its bank group.
"The expansion of PAA’s Hedged Inventory Facility more than replaces the $500 million of three-year Sr. Notes maturing in September, 2012 that were utilized to supplement our hedged inventory facility," Kingswell-Smith said.
"Furthermore, the increased size and amended terms of the facility support PAA’s expanded activities related to the recent acquisition of BP’s Canadian natural gas liquids business platform and will enhance PAA’s ability to use its storage and related assets to capitalize on volatile market conditions in the crude oil sector."
PAA is the majority owner of PNG and engages in transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids.
