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. The Partnership sold a total of 6,000,000 common
units at a price to the public of $65.03 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 $386 million. The Partnership intends to use the net
proceeds from the offering for general partnership purposes, including
pending or future acquisitions, capital program expenditures, repayment
of future outstanding borrowings under our credit facilities, if any, or
other general partnership purposes. As a result of the offering, the
Partnership now has 155,376,937 common units outstanding.
BofA Merrill Lynch, Citigroup, Barclays Capital, J.P. Morgan, UBS
Investment Bank and Raymond James 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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BofA Merrill Lynch
4 World Financial Center
New York, New York 10080
Attn: Prospectus Department
dg.prospectus_requests@baml.com | | |
Citigroup Global Markets Inc.
Brooklyn Army Terminal
Attention: Prospectus Delivery Dept.
140 58th Street
Brooklyn, New York 11220
Telephone: (800) 831-9146
batprospectusdept@citi.com |
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Barclays Capital
c/o Broadridge Financial Solutions
1155 Long Island Ave.
Edgewood, New York 11717
barclaysprospectus@broadridge.com
Telephone: (888) 603-5847
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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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UBS Securities LLC
Attention: Prospectus Dept.
299 Park Avenue
New York, New York 10171
Telephone: (888) 827-7275
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Raymond James & Associates, Inc.
Attn: Equity Syndicate
880 Carillon Parkway
St. Petersburg, Florida 33716
Telephone: (800) 248-8863
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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 or 800-564-3036
Director, Investor Relations