Aug 27, 2002 |
PAA Announces Sale of Additional Common Units |
(Houston – August 27, 2002) Plains All American Pipeline, L.P. (NYSE: PAA) today announced that Goldman, Sachs & Co. has exercised the underwriters’ option to purchase an additional 825,000 Common Units. The sale, which is part of the Partnership’s equity offering that closed on August 21, 2002, is at the initial price to the public of $23.50 per unit. Net proceeds from the exercise of the option to purchase additional Common Units, including the general partner’s proportionate capital contribution, were approximately $19.0 million, bringing the total net proceeds received from the offering to approximately $145.1 million. The proceeds were used to reduce indebtedness under the Partnership’s revolving credit facilities, providing the Partnership with additional financial flexibility to fund its growth objectives. As a result of the equity offering and the exercise of the option to purchase additional Common Units, the Partnership has a total of 49.6 million units outstanding. Copies of the final prospectus relating to these securities may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004. Any offering shall be made only by means of a final prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil gathering and marketing activities, primarily in Texas, California, Oklahoma, Louisiana and the Canadian Provinces of Alberta, Saskatchewan and Manitoba. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas. # # # |
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