(Houston - April 20, 2009) Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it has completed a public offering of $350 million principal amount of 8.75% senior unsecured notes due May 1, 2019 at an offering price of $99.994 (per $100 of principal) to yield 8.750%.
Total net proceeds from the offering were approximately $347 million, and were used to reduce outstanding borrowings under the Partnership's credit facilities, which may be reborrowed to fund future investments, and for general partnership purposes.
Banc of America Securities LLC, J.P. Morgan, BNP PARIBAS and Wachovia Securities were book-running managers of the offering. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:
Banc of America Securities LLC
Prospectus Department
100 West 33rd Street, 3rd Floor
New York, New York 10001
|
|
|
|
|
|
J.P. Morgan Securities Inc.
Attn: High Grade Syndicate Desk
270 Park Avenue
New York, New York 10017
|
|
|
|
|
|
|
|
BNP Paribas Securities Corp.
Debt Syndicate Desk
787 Seventh Avenue
New York, New York 10019
|
|
|
|
|
|
Wachovia Capital Markets, LLC
Customer Information Center
Attn: Syndicate Operations
1525 West W.T. Harris Blvd.
Charlotte, North Carolina 28262-0675
|
The senior notes 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% indirect ownership in PAA Natural 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 or 800-564-3036
or
Senior Vice President & CFO
Al Swanson, 713-646-4455 or 800-564-3036
|