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Article: Plains All American Pipeline Extends Hedged Inventory Credit Facility.
- Article from:
- Energy Weekly News
- Article date:
- November 13, 2009
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Plains All American Pipeline, L.P. (NYSE: PAA) announced that it has closed on a new 364-day $500 million committed hedged inventory credit facility, which replaces a similar $525 million facility that was scheduled to mature on November 5, 2009. 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 $1.2 billion, subject to obtaining additional lender commitments.
"The renewal of our hedged inventory ...