Plains GP Holdings Hits the Street

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As of Wednesday morning, Plains GP Holdings (NYSE: PAGP  ) is officially on the table for investors. It is the 15th master limited partnership to debut this year, but it is a little bit different than what we've seen so far. In this video, contributor Aimee Duffy looks at Plains GP's IPO stats, exactly how this holding company fits into the Plains All American Pipeline story, what the partnership plans to do with its IPO proceeds, and what investors need to think about before they buy in.

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  • Report this Comment On October 17, 2013, at 1:55 PM, ktgh76 wrote:

    Hi, There is some incorrect info in the above video. The general partner is PAA not AAP. That could be a big deal for someone new to this. Also, from my research PAGP is listed to be a corporation for tax purposes not a MLP. Just wanted to make sure some facts got checked so you could present accurate info to your viewers. Otherwise, nice video.

  • Report this Comment On October 17, 2013, at 2:43 PM, XMFAimeeD wrote:

    The general partner of PAA is AAP. AAP collects PAA's IDRs and holds a 2% equity stake. AAP sits inside of something called PAGP, so our new entity, Plains GP Holdings, has a 21.1% stake in THAT. So, effectively, Plains GP has a 21.1% stake in PAA's general partner, which is AAP. Clear as mud, I know.

    See the ownership diagram on pg 13 here:

    There are a lot of "general partners" embedded in this structure, I apologize if my description wasn't clear enough.

    <<Also, from my research PAGP is listed to be a corporation for tax purposes not a MLP.>>

    Yes, I mention this at 2:20. Still technically an MLP though.

    Thanks for watching,


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