Plains ALL American extends $500M hedged inventory credit facility
Plains All American announced it has closed on a new 364-day $500M committed hedged inventory credit facility, which replaces a similar $525M facility that was scheduled to mature on November 5. Borrowings under this facility will be primarily used to finance the purchase of hedged crude oil inventory for storage activities when market conditions warrant as well as for foreign import activities. The facility includes an accordion feature that enables the partnership to increase the size of the facility to $1.2B, subject to obtaining additional lender commitments. :theflyonthewall.com
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