Plains GP (PAGP) Stock Higher After Pricing Public Offering

NEW YORK (TheStreet) -- Shares of Plains GP (PAGP) were gaining 5.6% to $26.51 in morning trading Tuesday after the oil and gas company priced a 60 million share public offering.

Plains GP priced its secondary offering of 60 million shares of common stock sold by Oxy Holding Company (Pipeline) at $25 a share. Oxy Holding granted the underwriters a 30-day option to buy up to 9 million additional shares.

The secondary offering is expected to close on Nov. 17. Plains GP won't receive any proceeds from the offering, as all shares in the offering are owned by Oxy Holding.

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PAGP Chart PAGP data by YCharts

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