Plains All American Pipeline, L.P. (NYSE: PAA)
announced today that it has completed its previously announced
underwritten public offering of common units representing limited
partner interests. Including the over-allotment option, which was
exercised in full by the underwriters, the Partnership sold a total of
7,935,000 common units at a price to the public of $64.00 per common
unit.
Total net proceeds from the offering, including the general partner's
proportionate capital contribution and after deducting underwriting
discounts and commissions and estimated offering expenses, were
approximately $503 million. The Partnership intends to use the net
proceeds from the offering to reduce outstanding borrowings under its
credit facilities and for general partnership purposes. Amounts repaid
under the Partnership's credit facilities may be reborrowed to fund its
ongoing capital program, potential future acquisitions, or for general
partnership purposes. As a result of the offering, the Partnership now
has 149,134,175 common units outstanding.
Citi, BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, UBS Investment
Bank and Wells Fargo Securities were joint book-running managers of the
offering.
A copy of the prospectus supplement and accompanying base prospectus
relating to the offering may be obtained from the underwriters as
follows:
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Citigroup Global Markets Inc.
Brooklyn Army Terminal
Attention: Prospectus Delivery Dept.
140 58th Street, Brooklyn, NY 11220
Telephone: (800) 831-9146
batprospectusdept@citi.com
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BofA Merrill Lynch
4 World Financial Center New York, New York 10080 Attn:
Prospectus Department dg.prospectus_requests@baml.com | | | |
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J.P. Morgan Securities LLC via Broadridge Financial Solutions 1155
Long Island Avenue Edgewood, New York 11717 Telephone:
(866) 803-9204
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Morgan Stanley & Co. Incorporated
Attn: Prospectus Dept.
180 Varick Street, 2nd Floor
New York, NY 10014
Tel: (866) 718-1649
Email: prospectus@morganstanley.com | | | |
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UBS Securities LLC
Attention: Prospectus Dept.
299 Park Avenue
New York, NY 10171
Telephone: (888) 827-7275
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Wells Fargo Securities, LLC Attn: Equity Syndicate Dept. 375
Park Avenue New York, New York 10152
cmclientsupport@wellsfargo.com Phone:
(800) 326-5897
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The common units 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.
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, Texas.
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 Executive Vice
President & CFO |