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Plains All American Pipeline, L.p. Enters Into Agreement To Acquire 50% Interest In Bridgetex Pipeline Company From Occidental Petroleum Corporation - Yahoo Finance

An affiliate of Occidental is the anchor shipper on the BridgeTex pipeline. Approximately 80% of the pipelines capacity is committed to long term contracts with Kim Kardashian magazine cover a volume weighted average tenor of 9.5 years (13.5 years taking into account shipper extension options). The remaining 50% interest in BridgeTex is owned by Magellan Midstream Partners, L.P. (MMP); MMP is also the operator of the BridgeTex pipeline. Contemporaneous with the purchase by PAA, BridgeTex has agreed to sell the southern leg of the pipeline system which runs from Houston to Texas City (the Texas City Leg) to MMP, and MMP has agreed to enter into a long term capacity lease with BridgeTex pursuant to which BridgeTex shippers will have access to capacity on the Texas City Leg. In addition to customary closing conditions and the contemporaneous consummation http://wallinside.com/post-53928798-kim-kardashian-inspired-new-giuseppe-zanotti-shoe-named-mrs-west-e-online.html of the sale of the Texas City Leg by BridgeTex to MMP and execution of the capacity lease, PAAs acquisition of Occidentals interest in BridgeTex is more info subject to completion by Plains GP Holdings, L.P. ( PAGP ) of an underwritten secondary offering pursuant to which Occidental would sell a portion of its equity interest in PAGP. In order to facilitate such offering and the overall transaction, (i) the board of directors of PAGPs general partner has agreed to an early release of the 15-month lock-up arrangement that was originally imposed on certain PAGP equity owners, including Occidental, in connection with PAGPs initial public offering in October 2013, and (ii) certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P.
Source: http://finance.yahoo.com/news/plains-american-pipeline-l-p-112800293.html

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