Plains All American Pipeline, L.P. (NYSE:PAA)
announced today that Vulcan Energy Corporation has priced a secondary
public offering of 7,500,000 common units representing limited partner
interests in PAA at $61.10 per common unit. The offering is expected to
close on August 17, 2011, subject to customary closing conditions.
Vulcan Energy Corporation also granted the underwriters a 30-day option
to purchase up to 1,125,000 additional common units to cover
over-allotments, if any. The Partnership will not receive any of the
proceeds from the offering and the number of PAA common units
outstanding will remain unchanged.
Citigroup, Barclays Capital, BofA Merrill Lynch, J.P. Morgan, and UBS
Investment Bank are 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:
Citigroup Global Markets Inc.
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Barclays Capital Inc.
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Brooklyn Army Terminal
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c/o Broadridge Financial Solutions
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Attention: Prospectus Delivery Dept.
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1155 Long Island Avenue
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140 58(th) Street, Brooklyn, NY 11220
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Edgewood, New York 11717
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Telephone: (800) 831-9146
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Telephone: (888) 603-5847
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batprospectusdept@citi.com | | |
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BofA Merrill Lynch
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J.P. Morgan Securities LLC
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4 World Financial Center
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via Broadridge Financial Solutions
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New York, New York 10080
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1155 Long Island Avenue
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Attn: Prospectus Department
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Edgewood, New York 11717
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dg.prospectus_requests@baml.com | |
Telephone: (866) 803-9204
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UBS Securities LLC
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Attention: Prospectus Dept.
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299 Park Avenue
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New York, NY 10171
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Telephone: (888) 827-7275
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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