ITEM 1.01 Entry into a Material Definitive Agreement.
On July 20, 2009, Plains All American Pipeline, L.P. (the "Partnership"), PAA
Finance Corp. ("PAA Finance," and together with the Partnership, the "Issuers"),
PAA GP LLC, Plains AAP, L.P., Plains All American GP LLC, and certain Subsidiary
Guarantors, entered into an underwriting agreement (the "Underwriting
Agreement") with J.P. Morgan Securities Inc., BNP Paribas Securities Corp.,
Wells Fargo Securities, LLC, BMO Capital Markets Corp., Daiwa Securities America
Inc., Mizuho Securities USA Inc. and RBC Capital Markets Corporation
(collectively, the "Underwriters"), relating to the issuance and sale to the
Underwriters of $500 million aggregate principal amount of 4.25% Senior Notes
due 2012 (the "Notes"), subject to the terms and conditions therein.
The Notes are being offered and sold under the Issuers' shelf registration
statement on Form S-3 (Registration No. 333-155671) filed with the Securities
and Exchange Commission on November 25, 2008 (the "Registration Statement"), and
are described in a Prospectus Supplement dated July 20, 2009 (the "Prospectus
Supplement") to the Prospectus, dated December 11, 2008, included in the
Registration Statement.
The terms of the Notes are more fully described in the Sixteenth Supplemental
Indenture (the "Supplemental Indenture"), to be dated July 23, 2009, between the
Issuers, the Subsidiary Guarantors named therein and U.S. Bank National
Association (successor to Wachovia Bank, National Association), as trustee (the
"Trustee"). The Supplemental Indenture will be entered into in accordance with
the provisions of the Indenture dated September 25, 2002 among the Issuers and
the Trustee.
The closing of the underwritten public offering of the Notes is scheduled to
occur on July 23, 2009.
The Underwriting Agreement, the form of Supplemental Indenture and the form of
the Notes are filed as Exhibits to this Current Report on Form 8-K and are
incorporated herein by reference.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
1.1 Underwriting Agreement, dated July 20, 2009, by and among Plains All
American Pipeline, L.P., PAA Finance Corp., PAA GP LLC, Plains AAP,
L.P., Plains All American GP LLC, the Subsidiary Guarantors named
therein, and J.P. Morgan Securities Inc., BNP Paribas Securities Corp.,
Wells Fargo Securities, LLC, BMO Capital Markets Corp., Daiwa Securities
America Inc., Mizuho Securities USA Inc. and RBC Capital Markets
Corporation, as Underwriters.
4.1 Form of Sixteenth Supplemental Indenture, to be dated July 23, 2009,
among Plains All American Pipeline, L.P., PAA Finance Corp., the
Subsidiary Guarantors named therein and U.S. Bank National Association,
as trustee.
4.2 Form of 4.25% Senior Notes due 2012 (included in Exhibit 4.1).
5.1 Opinion of Vinson & Elkins L.L.P.
23.1 Consent of Vinson & Elkins L.L.P. (included in Exhibit 5.1).
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