Shearman & Sterling advised Plains Marketing and Plains Midstream Canada on the deal.
Plains Marketing and Plains Midstream Canada acted as borrowers on a $1.35 billion senior secured revolving credit facility agented by Bank of America to refinance the outstanding indebtedness under Plains Marketing and Plains Midstream Canada’s existing credit facility, to secure purchases of hedged crude oil inventory for storage activities and for general corporate purposes.
Plains All American Pipeline, through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids in the United States and Canada. The company operates through three segments: transportation, facilities, and supply and logistics. The transportation segment transports crude oil and natural gas liquids through pipelines, gathering systems and trucks. The facilities segment provides storage, terminalling, and throughput services for crude oil, natural gas liquids, and natural gas; and natural gas liquids fractionation and isomerization, and natural gas and condensate processing services. The supply and logistics segment engages in the purchase, logistics, and resale of crude oil and natural gas liquids. The company was incorporated in 1998 and is headquartered in Houston, Texas.
The Shearman & Sterling team included Daniel L. Tristan (Picture), Todd Lowther, Jason Pratt, Xueqing (Ashley) Shan, Daniel Kachmar, and Max Bradley.
Involved fees earner: Max Bradley – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Todd Lowther – Shearman & Sterling; Jason Pratt – Shearman & Sterling; Ashley Shan – Shearman & Sterling; Daniel Tristan – Shearman & Sterling;
Law Firms: Shearman & Sterling;