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( PAGP ) of an underwritten secondary offering pursuant to which Occidental would sell a portion of its equity interest in PAGP. In order to facilitate such offering and the overall transaction, (i) the board of directors of PAGPs general partner has agreed to an early release of the 15-month lock-up arrangement that was originally imposed on certain PAGP equity owners, including Occidental, in connection with PAGPs initial public offering in October 2013, and (ii) certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & great site Minerals Group and PAA Management, L.P. have agreed to waive their participation rights in such offering, and (iii) Occidental, certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P. have agreed to refrain from selling any of their respective interests in PAGP for a period of up to 90 days following such offering. If an offering is not completed prior to December 31, 2014, both PAA and Occidental have the right to terminate the overall transaction. BridgeTex represents a very attractive and strategic addition to our existing West Texas pipelines, said Greg Armstrong, Chairman and CEO of Plains All American. Given recent and projected increases in Permian Basin production, we believe that BridgeTex will play an http://cliffgznt.bravesites.com important role in providing needed takeaway capacity out of the Permian Basin, will provide additional flexibility for our customers and will expand PAAs market kim kardashian costume access to the Gulf Coast. Upon achieving full operating capability, we anticipate PAAs share of annualized EBITDA from BridgeTex LLC will range between $100 and $105 million.
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12 Nov 2014