0000899243-01-501493.txt : 20011009
0000899243-01-501493.hdr.sgml : 20011009
ACCESSION NUMBER: 0000899243-01-501493
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20010927
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20010927
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PLAINS ALL AMERICAN PIPELINE LP
CENTRAL INDEX KEY: 0001070423
STANDARD INDUSTRIAL CLASSIFICATION: PIPE LINES (NO NATURAL GAS) [4610]
IRS NUMBER: 760582150
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-14569
FILM NUMBER: 1746636
BUSINESS ADDRESS:
STREET 1: 500 DALLAS
STREET 2: STE 700
CITY: HOUSTON
STATE: TX
ZIP: 77002
BUSINESS PHONE: 7136541414
MAIL ADDRESS:
STREET 1: 500 DALLAS
STREET 2: STE 700
CITY: HOUSTON
STATE: TX
ZIP: 77002
8-K
1
d8k.txt
FORM 8-K
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) - September 27, 2001
PLAINS ALL AMERICAN PIPELINE, L.P.
(Name of Registrant as specified in its charter)
DELAWARE 0-9808 76-0582150
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation or organization) Identification No.)
333 CLAY STREET, SUITE 2900
HOUSTON, TEXAS 77002
(713) 646-4100
(Address, including zip code, and telephone number,
including area code, of Registrant=s principal executive offices)
N/A
(Former name or former address, if changed since last report.)
================================================================================
ITEM 5. OTHER EVENTS
On September 27, 2001, Plains All American Pipeline, L.P. issued a press
release announcing that it had entered into a six-year, $200 million term loan
with a group of institutional lenders. The press release is attached as an
exhibit to this report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release issued by the Registrant, dated September 27, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PLAINS ALL AMERICAN PIPELINE, L.P.
Date: September 27, 2001 By: Plains AAP, L.P., its general partner
By: Plains All American GP LLC, its general
partner
By: /s/ Tim Moore
--------------------------------------------
Name: Tim Moore
Title: Vice President
INDEX TO EXHIBITS
99.1 Press Release issued by the Registrant, dated September 27, 2001.
EX-99.1
3
dex991.txt
PRESS RELEASE
EXHIBIT 99.1
Contacts: PHILLIP D. KRAMER A. PATRICK DIAMOND
Executive Vice President and CFO Manager, Special Projects
713/646-4560 - 800/564-3036 713/646-4487 - 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Issues $200 Million, Six-Year Term Loan; Positions
Partnership For Potential Acquisitions
(Houston - September 27, 2001) Plains All American Pipeline, L.P. (NYSE:
PAA) announced today that it had entered into a six-year, $200 million Term Loan
with a group of institutional lenders. The new loan expands the aggregate
commitments available under the Partnership's existing $830 million senior
secured credit facility to $980 million, net of an associated $50 million
reduction in the revolving portion of this facility.
"This transaction accomplishes several important financial objectives,"
said Phil Kramer, Executive Vice President and Chief Financial Officer. "It
positions us to fund our targeted level of acquisition growth, significantly
increases our immediate liquidity, expands our universe of capital providers and
extends the average maturity of our debt capital structure. In addition, it
provides us tremendous flexibility to modify our debt and equity capital
structure at minimal incremental cost as future financing and acquisition
opportunities warrant." Kramer noted that the Partnership has targeted to
achieve approximately $200 million to $300 million per year of acquisitions and
believes the current environment may provide opportunities to exceed that
target.
The new term loan currently bears interest at LIBOR plus 2.5%, matures in
2007 and may be repaid by the Partnership at any time without prepayment
penalty. The three-month LIBOR index on September 26, 2001, was 2.6%. Proceeds
were used to reduce the amount of debt outstanding under the revolving portion
of the credit facility. Fleet Securities, Inc. served as sole arranger for the
transaction.
As amended, the Partnership's $980 million senior secured credit facility
consists of revolving credit facilities with a combined capacity of $480
million, a $200 million letter of credit and inventory facility, the newly
issued $200 million term loan and a $100 million term loan that matures in 2006.
Giving effect to the new term loan, outstanding borrowings under the $980
million credit facility at September 26, 2001, totaled $483 million, including
$136 million under the revolving credit facilities. Kramer noted that the
Partnership currently has interest rate hedges on $275 million principal amount
at
a blended average LIBOR index of 4.9% through August 2002 and hedges on $150
million principal amount from September 2002 through most of 2003 at a LIBOR
index of 3.8%. "Given the recent broad decline in interest rates, we will
continue to evaluate additional hedging opportunities that would enable us to
lock in attractive financing rates," said Kramer.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that involve
certain risks and uncertainties. These risks and uncertainties include, among
other things, demand for various grades of crude oil and resulting changes in
pricing conditions, successful third party drilling efforts and completion of
announced oil-sands projects, availability of third party production volumes for
transportation and marketing, regulatory changes, the availability of
acquisition opportunities on terms favorable to the Partnership, fluctuations in
the capital markets and the availability to Plains All American of credit on
satisfactory terms, successful integration and future performance of assets
acquired, unanticipated shortages or cost increases in materials and skilled
labor, weather interference, and other factors and uncertainties inherent in the
marketing, transportation, terminalling, gathering and storage of crude oil
discussed in the Partnership's filings with the Securities and Exchange
Commission.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate
crude oil transportation, terminalling and storage, as well as crude oil
gathering and marketing activities, primarily in Texas, California, Oklahoma,
Louisiana, the Gulf of Mexico and the Canadian Provinces of Alberta and
Saskatchewan. The Partnership's common units are traded on the New York Stock
Exchange under the symbol "PAA." The Partnership is headquartered in Houston,
Texas.
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