Plains All American Pipeline (PAA) said late Monday it has priced a $1 billion underwritten public offering of 5.95% senior unsecured notes due 2035.

The company expects to close the offering on Wednesday.

Net proceeds from the offering will be used to finance the acquisition of membership interest in Ironwood Midstream Energy Partners, repurchase preferred units, repay debt, and fund general partnership activities, the company said.

Plains All American said if the Ironwood acquisition or preferred unit repurchase is not completed, the proceeds will be used to refinance 4.65% senior notes due October.