U.S. oil pipeline transporter, Plain All American Pipeline (PAA), has secured a credit facility worth $500 million. The 364-day loan will be used to fund its acquisition of the Southern Pines natural gas storage facility. The company may also use the proceeds from the credit facility for other corporate purposes. Bank of America was the administrative agent, while Merrill Lynch, Pierce, Fenner & Smith, DnB NOR Markets and JP Morgan Securities acted as joint lead arrangers and joint book managers. DnB NOR Bank and JPMorgan Chase Bank, SunTrust Bank and Wells Fargo Bank also participated in the deal.
Click here for the release from Plain All American Pipeline.