Tumblelog by Soup.io
Newer posts are loading.
You are at the newest post.
Click here to check if anything new just came in.
rogersbcyv

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

In addition to customary closing conditions and the contemporaneous consummation 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 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 ray j and kim kardashian video PAGPs general partner has agreed to an early release of the 15-month lock-up http://azinex.wallinside.com 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 watch kim kardashian tape Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P. have agreed to waive their participation rights in such offering, and (iii) Occidental, certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P. have agreed to refrain from selling any of their respective interests in PAGP for a period of up to 90 days following such offering. If an offering is not completed prior to December 31, 2014, both PAA and Occidental have the right to terminate the overall transaction. BridgeTex represents a very attractive and strategic addition to our existing West Texas pipelines, said Greg Armstrong, Chairman and CEO of Plains All American. Given recent and projected increases in Permian Basin production, we believe that BridgeTex will play an important role in providing needed takeaway capacity out of the Permian Basin, will provide additional flexibility for our customers and will expand PAAs market access to the Gulf Coast. Upon achieving full operating capability, we anticipate PAAs share of annualized EBITDA from BridgeTex LLC will range between $100 and $105 million.
Source: http://finance.yahoo.com/news/plains-american-pipeline-l-p-112800293.html

Don't be the product, buy the product!

Schweinderl