Plains All American Pipeline, L.P. (NYSE:PAA) Files An 8-K Regulation FD DisclosureItem 8.01. Regulation FD Disclosure.
On August21, 2018, Plains All American Pipeline, L.P. (the “Registrant”) issued a press release reporting the matters described in Item 8.01 below. A copy of the press release is furnished as Exhibit99.1 to this Current Report.
In accordance with General Instruction B.2 of Form8-K, the information set forth in this Item 8.01 and in Exhibit99.1 is deemed to be furnished and shall not be deemed to be “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Item 8.01. Other Events.
On August20, 2018, a subsidiary of Plains All American Pipeline, L.P. (“PAA”) entered into a definitive agreement with affiliates of Magellan Midstream Partners, L.P. (“Magellan”), OMERS Administration Corporation and OMERS Infrastructure Management Inc. (collectively, “OMERS”) to which PAA and Magellan will sell a 30% interest and a 20% interest, respectively, in BridgeTex Pipeline Company, LLC (“BridgeTex”) to OMERS for a total purchase price of approximately $1.438 billion. PAA and Magellan will each receive their proportionate share of the purchase price. Following closing, OMERS will own a 50% interest, Plains will own a 20% interest, and Magellan will own a 30% interest in BridgeTex, which owns the BridgeTex Pipeline. Magellan will continue to operate the pipeline. Closing of the transaction is subject to satisfaction of customary closing conditions.
Item 8.01. Financial Statements and Exhibits.
(d)Exhibits
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Exhibit99.1 |
Press release dated August21, 2018. |
