Plains All American Pipeline (PAA) and PAA Natural Gas Storage (PNG) said they have renewed and extended their principal bank credit facilities.
PAA’s new credit facilities include a $1.6bn five-year senior unsecured revolving credit facility and an $850m two-year senior secured hedged inventory facility.
Both facilities contain accordion features which permit PAA to increase borrowing capacity to $2.1bn and $1.35bn, respectively.
In connection with these transactions, PAA terminated a $500m, 364-day liquidity facility that was scheduled to expire on 2 January 2012.
PNG’s new $450m five-year senior unsecured credit facility includes a $200m Gulf Coast Opportunity Zone tax-exempt term loan and a $250m revolving credit facility.
The revolver includes an accordion feature which permits PNG (subject to receipt of incremental lender commitments) to increase the borrowing capacity to $450m.
PAA is a master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products.
Through its general partner interest and majority equity ownership position in PNG, PAA is also engaged in the development and operation of natural gas storage facilities.