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Plains All American Pipeline GP sets terms for $3 billion IPO

By: Renaissance Capital
Posted: 10/7/2013 8:54:00 AM
Referenced Stocks: PAA;PAGP

Plains GP Holdings, LP, which owns the GP and a portion of the LP in Plains All American Pipeline LP ( PAA ), a transportation, storage and terminaling firm for oil and natural gas products, announced terms for its IPO on Monday. The Houston, TX-based company plans to raise $3.0 billion by offering 128.0 million shares at a price range of $22 to $25. At the midpoint of the proposed range, Plains GP Holdings, LP would command a fully diluted market value of $14.2 billion.

Plains GP Holdings, LP, which was founded in 2013, plans to list on the NYSE under the symbol PAGP. Barclays, Goldman Sachs and J.P. Morgan, are the joint bookrunners on the deal.