TRGP might be a good proxy. It closed yesterday at a 2.90% yield. TRGP is expected to grow dividends in the 20% range over the next few years. PAGP leverage to PAA distribution growth is expected to be approximately 2X. This implies a 15% - 22% dividend growth path for PAGP. So a yield in the 3% range would be expected. The new issue is being brought in the 2.5% range.
However, in the intermediate and longer-term PAGP should be a winner.