Plains GP Holdings LP, an affiliate of Plains All American Pipeline, announced that they have filed alongside US regulators to raise an estimated USD1 billion from an initial public offering of the company's Class A Shares. Plains GP Holdings said that they newly formed company will own limited partner stakes in Plains AAP which currently owns a 2% general partner stake claim in Plains All American Pipeline LP.
The company did not reveal how many shares they plan to offer or the expected price. Plains GP said that they intend to list their Class A shares on the NYSE under the ticker "PAGP".
Plains All American Pipeline LP is a midstream company that sells, transports and refines liquid gas. A publicly traded master limited partnership that handles oil pipeline transportation, storage and marketing in the US, handles liquefied petroleum gas business in Canada, as well as natural gas storage businesses for the states of Louisiana and Michigan.
Join the Conversation