Plains All American Board Raises Annualized Dividend Rate By 19% From $1.07 to $1.27 Per Share For PAA & PAGP
Author: Benzinga Newsdesk | November 03, 2023 07:55am
Capital Allocation Updates
- Management currently intends to recommend to the Board of Directors of PAA GP Holdings LLC ("the Plains Board") an annualized increase of $0.20 per unit to PAA's and PAGP's fourth-quarter 2023 distribution payable in February 2024, which would increase the annualized rate from $1.07 to $1.27 per common unit and Class A share, representing a 19% increase.
- As part of a continued commitment to enhance the balance sheet, management is lowering the long-term leverage ratio target range by 0.5x to 3.25x - 3.75x and expects year-end 2023 leverage to be below 3.5x.
Posted In: PAGP