(Houston - May 12, 2008) Plains All American Pipeline, L.P. (NYSE:PAA) announced today that it has completed its previously announced public offering of common units. Including the over-allotment option which was exercised in full by the underwriters, the Partnership sold a total of 6,900,000 common units at $46.31 per unit.
Total net proceeds from the offering, including the general partner's proportionate capital contribution after deducting underwriting discounts and commissions and offering expenses, were approximately $315 million. The net proceeds from the offering were used to reduce outstanding borrowings under the Partnership's credit facilities, which may be reborrowed to fund its capital program, including the acquisition of the Rainbow Pipe Line Company and other acquisitions, and for general partnership purposes.
Wachovia Securities, Citi and UBS Investment Bank were joint book-running managers of the offering.
A copy of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:
Wachovia Securities
Equity Syndicate Department
375 Park Avenue
New York, NY 10152
E-mail: equity.syndicate@wachovia.com
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Citi
Brooklyn Army Terminal
Attn: Prospectus Delivery Dept.
140 58th Street
Brooklyn, NY 11220
Tel: 718-765-6732
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UBS Investment Bank
Attn: Prospectus Dept.
299 Park Avenue
New York, NY 10171
Tel: 888-827-7275
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The common units were offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.
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.
Contacts:
Manager, Investor Relations
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
or
Vice President
A. Patrick Diamond, 713-646-4487 – 800-564-3036
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