Moody's Ratings says PAA's $670 million bolt on acquisitions and capital structure optimization are credit neutral
Moody's Ratings (Moody's) said Plains All American Pipeline L.P. ("PAA", Baa2 stable) announced three bolt-on acquisitions for the total cash consideration of about $670 million (net to PAA). The company also announced the agreement to repurchase about $330 million of its Series A preferred units (a...Plains All American Pipeline is a holding company. Through its subsidiaries, the company owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL) and natural gas. The company has three operating segments: Transportation, which provides activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges; Facilities, which provides storage, terminalling and throughput services for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services; and Supply and Logistics, which provides merchant-related activities.
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