Plains All American Pipeline, L.P. (NYSE:PAA) and PAA Natural Gas Storage (NYSE:PNG) announced that they have renewed and extended their principal bank credit facilities. PAA's new credit facilities include a $1.6 billion five-year senior unsecured revolving credit facility and an $850 million two-year senior secured Hedged Inventory Facility. Both facilities contain accordion features which permit PAA (subject to receipt of incremental lender commitments) to increase borrowing capacity to $2.1 billion and $1.35 billion respectively. In connection with these transactions, PAA terminated a $500 million, 364-day liquidity facility that was scheduled to expire on January 2, 2012.
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