Dec 20, 2006 |
PAA Completes Direct Equity Placement |
Contacts: Phillip D. Kramer Executive Vice President and CFO 713/646-4560 – 800/564-3036
A. Patrick Diamond Director, Strategic Planning 713/646-4487 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Completes Direct Equity Placement
(Houston – December 20, 2006) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that it completed the sale of approximately 6.2 million common units to a group of institutional and private investors pursuant to the Common Unit Purchase Agreement dated December 13, 2006. Net proceeds from the issuance, including the general partner's proportionate capital contribution and expenses associated with the issuance were approximately $306 million. The Partnership now has approximately 109.4 million common units outstanding.
Plains All American Pipeline, L.P. is engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its 50% equity ownership in PAA/Vulcan Gas Storage, LLC, the Partnership also develops and operates natural gas storage facilities. Headquartered in Houston, Texas, the Partnership's common units are traded on the New York Stock Exchange under the symbol "PAA."
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