Plains GP Holdings, L.P. (NYSE: PAGP) today announced that it has
completed its initial public offering of 128,000,000 Class A shares
representing limited partner interests (the "Class A shares") at $22.00
per share.
PAGP will distribute the net proceeds of the offering of approximately
$2.73 billion to the existing owners of Plains AAP, L.P. ("AAP") who
sold a portion of their interests to PAGP in connection with the
offering. AAP currently owns all of the incentive distribution rights
and an indirect 2% general partner interest in Plains All American
Pipeline, L.P. ("PAA"). As of the closing of the offering, PAGP owns a
21.1% limited partner interest in AAP (19.7% economic interest including
the dilutive effect of management incentive units).
Barclays, Goldman, Sachs & Co., J.P. Morgan, BofA Merrill Lynch,
Citigroup, UBS Investment Bank and Wells Fargo Securities acted as joint
book-running managers of the offering. Pursuant to the Underwriting
Agreement entered into among PAGP, its general partner and the
underwriters, PAGP granted the underwriters an option for a period of 30
days to purchase up to an additional 19,200,000 Class A Shares from PAGP.
A registration statement relating to these securities has been filed
with, and declared effective by, the Securities and Exchange Commission.
This offering will be made only by means of a prospectus. A copy of the
final written prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, may be obtained from the offices of:
Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Email: Barclaysprospectus@broadridge.com
Toll free: (888) 603-5847
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Goldman, Sachs & Co.
Attn: Prospectus Department
200 West Street
New York, NY 10282
Email: prospectus-ny@ny.email.gs.com
Telephone: (866) 471-2526
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J.P. Morgan
Attn: Broadridge Financial Solutions
1155 Long Island Avenue Edgewood, New York 11717 Telephone:
(866) 803-9204
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BofA Merrill Lynch
222 Broadway
New York, NY 10038
Attn: Prospectus Department
Email: dg.prospectus_requests@baml.com |
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Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Phone: (800) 831-9146
Email: batprospectsdept@citi.com | | |
UBS Investment Bank
Attn: Prospectus Dept. 299 Park Avenue New York, New
York 10171 Phone: (888) 827-7275
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Wells Fargo Securities
Attn: Equity Syndicate Dept.
375 Park Avenue
New York, NY 10152
Email: cmclientsupport@wellsfargo.com | | | |
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, sale or solicitation would
be unlawful prior to registration or qualification under the securities
law in any such state.
Plains GP Holdings, L.P.
Roy I. Lamoreaux, 713-646-4222 –
800-564-3036
Director, Investor Relations