Contacts:
Phil D. Kramer
Executive Vice President and CFO
713/646-4560 – 800/564-3036
Roy I. Lamoreaux
Manager, Investor Relations
713/646-4222 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Pipeline Extends and Expands Credit Facility
(Houston – November 20, 2007) Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has extended the maturity of its senior secured hedged inventory credit facility to November 2008 and increased the maximum size of the facility from $1.2 billion to $1.4 billion. This facility is an uncommitted facility used to finance the purchase of hedged crude oil inventory for storage when market conditions warrant.
"Although the crude oil market is not currently in contango, this credit facility constitutes a key component of our financial strategy and, consistent with our proactive approach to financing, enhances our ability to capitalize on potential changes in market structure," stated Al Swanson, Senior Vice President Finance and Treasurer of Plains All American. "We would like to thank our relationship banks for their continued support of the Partnership. In addition to expanding and extending the contango facility, earlier this year we extended the maturity of our $1.6 billion revolving credit facility to July 2012. As a result of these actions and our June equity financing, PAA has a strong balance sheet, $1.5 billion of undrawn committed liquidity at September 30th and significant financial flexibility which we believe will enable us both to execute on our organic projects and to act quickly upon other growth opportunities."
Swanson also noted that last week S&P reaffirmed its BBB- corporate credit rating on PAA and revised its outlook on PAA from negative to stable.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership 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% ownership in PAA/Vulcan Gas Storage, LLC, the partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.
Disclaimer
A credit rating is not a recommendation to buy, sell or hold securities, and may be revised or withdrawn at any time.
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