(Houston - January 5, 2011) Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it has commenced a public offering of senior notes. The Partnership intends to use the net proceeds from this offering to repay outstanding borrowings under its credit facilities and for general partnership purposes. Amounts repaid under its credit facilities may be reborrowed, as necessary, to fund the Partnership's ongoing expansion capital program, future acquisitions, retirement of other long-term debt, investments in PAA Natural Gas Storage, L.P. (PNG), including for purposes of financing PNG's recently announced acquisition of the Southern Pines Energy Center natural gas storage facility, or for general partnership purposes.
J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and DnB NOR Markets, Inc. will act as joint book-running managers of the offering.
When available, copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:
J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
Attention: High Grade
Syndicate Desk
Phone: (212) 834-4533
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SunTrust Robinson Humphrey, Inc.
Attn: Prospectus Department
3333 Peachtree Road, 11th Floor Mail
Code: GA-ATLANTA-3947
Atlanta, GA 30326
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Wells Fargo Securities, LLC
Customer Information Center
Attn: Syndicate Operations
1525 West W.T. Harris Blvd.
Charlotte, North Carolina 28262-0675
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The senior notes will be 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.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, the stability of the capital markets and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of crude oil and other petroleum-related products discussed in the Partnership's filings with the Securities and Exchange Commission.
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 general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (NYSE:PNG), PAA is also engaged in the development and operation of natural gas storage facilities. PAA is headquartered in Houston, TX.
Plains All American Pipeline, L.P.
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
Director, Investor Relations
or
Al Swanson, 713-646-4455 – 800-564-3036
Senior Vice President & CFO
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