Jan 09, 2003 |
PAA Announces Extension of Exchange Offer |
(Houston – January 9, 2003) Plains All American Pipeline, L.P. (the “Partnership”)
(NYSE: PAA) today announced that it has extended to 5:00 p.m., Eastern Time, on January 15,
2003, its offer to exchange (the “Exchange Offer”) all of its outstanding 7¾% Senior Notes due
2012 (the “Old Notes”) for its 7¾% Senior Notes due 2012 (the “New Notes”) that have been
registered under the Securities Act of 1933, as amended (the “Securities Act”). The Exchange
Offer had been scheduled to expire at 5:00 p.m., Eastern Time, on January 8, 2003. As of
5:00 p.m. Eastern Time, on January 8, 2003, Old Notes in the approximate aggregate principal
amount of $198 million (out of $200 million outstanding) had been tendered in the Exchange
Offer.
This press release shall not constitute an offer to purchase or exchange nor the solicitation
of an offer to sell or exchange the Old Notes or New Notes. The Exchange Offer was made
solely by the Partnership’s Prospectus dated November 26, 2002, including any supplements
thereto, and is subject to certain conditions specified therein.
For more information, contact the Exchange Agent, Wachovia Bank, National
Association, Customer Information Center, Corporate Trust Operations—NC1153, 1525 West
W. T. Harris Blvd. 3C3, Charlotte, North Carolina 28288. (Facsimile: 704-590-7628, Telephone:
704-590-7409).
Holders of Old Notes who do not tender before 5:00 p.m., Eastern Time, on January 15,
2003, will continue to hold unregistered securities and will have no right to compel the
Partnership to register their Old Notes under the Securities Act.
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 and Louisiana and the Canadian provinces of Alberta
and Saskatchewan. 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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