Plains GP files to raise $1 billion in initial public offering

By Elizabeth Wollman
Bloomberg News

Plains GP Holdings LP, the company formed as a general partner to Plains All American Pipeline LP, filed to raise $1 billion in an initial public offering.

The Houston-based company didn’t specify the number or price range of the units it will offer in a regulatory filing Monday. The $1 billion is a placeholder amount used to calculate fees and may change. Plains GP will list its Class A units on the New York Stock Exchange under the symbol PAGP.

Plains GP will serve as a general partner for Plains All American, the Houston-based pipeline company that stores and transports crude oil and refined products as well as processes natural gas in the U.S. and Canada.

Plains GP was formed this month and doesn’t have any historical financial statements, according to the filing.

Barclays Plc is leading the offering.