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Plains All American Pipeline, L.p. Enters Into Agreement To Acquire 50% Interest In Bridgetex Pipeline Company From Occidental Petroleum Corporation - Yahoo Finance

( PAGP kim kardashian and kanye west ) of an underwritten secondary offering pursuant to which Occidental would sell a portion of its equity who is kim kardashian interest in PAGP. In order to facilitate such offering and the overall transaction, (i) the board of directors of PAGPs general partner has agreed to an early release of the 15-month lock-up arrangement that was originally imposed on certain PAGP equity owners, including Occidental, in connection with PAGPs initial public offering in October 2013, and (ii) certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P. have visite site agreed to waive their participation rights in such offering, and (iii) Occidental, certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P. have agreed to refrain from selling any of their respective interests in PAGP for a period of http://erinnqve.soup.io up to 90 days following such offering. If an offering is not completed prior to December 31, 2014, both PAA and Occidental have the right to terminate the overall transaction. BridgeTex represents a very attractive and strategic addition to our existing West Texas pipelines, said Greg Armstrong, Chairman and CEO of Plains All American. Given recent and projected increases in Permian Basin production, we believe that BridgeTex will play an important role in providing needed takeaway capacity out of the Permian Basin, will provide additional flexibility for our customers and will expand PAAs market access to the Gulf Coast. Upon achieving full operating capability, we anticipate PAAs share of annualized EBITDA from BridgeTex LLC will range between $100 and $105 million. At that level, we expect the transaction to be approximately 1.5% accretive to PAAs targeted 2015 distribution per unit and 5% accretive to PAGPs corresponding distribution per share for 2015. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Plains All American Pipeline, L.P.
Source: http://finance.yahoo.com/news/plains-american-pipeline-l-p-112800293.html

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