Plains All American announces $670M bolt-on acquisitions, $330M preferred buyback, 20% distribution hike

PLAINS ALL AMERICAN PIPELINE LP

Three bolt-on acquisitions for ~$670M net: Ironwood Midstream ($475M, closes Q1 2025), Medallion Midstream ($105M net), Midway Pipeline ($90M).
Purchase of ~12.7M Series A Preferred Units (18% of outstanding) at $26.25/unit for ~$330M from EnCap Flatrock; closes late Jan 2025.
Quarterly distribution increased 20% to $0.38/unit from $0.3175, annualized increase of $0.25/unit.
Leverage ratio expected at or below low-end of 3.25x-3.75x target range after transactions.

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