Sep 16, 2002 |
PAA Announces Private Offering of $150 Million of Senior Notes Due 2012 |
(Houston – September 16, 2002) Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has commenced a private offering of $150 million senior notes due 2012. The senior notes being sold by Plains All American will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The senior notes are expected to be eligible for trading under Rule 144A. The net proceeds from the offering will be used to repay indebtedness under the Partnership’s revolving credit facility. 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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