Plains All American Pipeline, L.P. (NYSE:PAA)
and PAA Natural Gas Storage (NYSE:PNG)
today announced they have expanded the size, extended the tenor and made
other amendments to certain of their credit facilities.
PAA expanded its Hedged Inventory Facility from $850 million to $1.4
billion and extended the term by one year. The facility now matures in
August 2014. PNG expanded its Revolving Credit Facility from $250
million to $350 million. This facility matures in August 2016.
"The expansion of PAA's Hedged Inventory Facility more than replaces the
$500 million of three-year Sr. Notes maturing in September, 2012 that
were utilized to supplement our hedged inventory facility. Furthermore,
the increased size and amended terms of the facility support PAA's
expanded activities related to the recent acquisition of BP's Canadian
natural gas liquids business platform and will enhance PAA's ability to
use its storage and related assets to capitalize on volatile market
conditions in the crude oil sector," said Charles Kingswell-Smith, Vice
President & Treasurer of Plains All American Pipeline. "We appreciate
the continued support of the financial institutions with which we have
long-standing relationships and with these amendments we also welcome
new institutions to our bank group."
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership engaged in the transportation, storage, terminalling and
marketing of crude oil and refined products, as well as in the
processing, transportation, fractionation, storage and marketing of
natural gas liquids. Through its general partner interest and majority
equity ownership position in PAA Natural Gas Storage, L.P., PAA owns and
operates natural gas storage facilities. PAA is headquartered in
Houston, Texas.
PAA Natural Gas Storage, L.P. is a publicly traded master limited
partnership engaged in the development, acquisition, operation and
commercial management of natural gas storage facilities. The Partnership
currently owns and operates three natural gas storage facilities located
in Louisiana, Mississippi and Michigan. The Partnership's general
partner, as well as the majority of the Partnership's limited partner
interests, is owned by Plains All American Pipeline, L.P. PNG is
headquartered in Houston, TX.
Plains All American Pipeline, L.P.
Roy I. Lamoreaux, 713-646-4222
or 800-564-3036
Director, Investor Relations
Charles
Kingswell-Smith, 713-993-5318 or 800-564-3036
Vice President &
Treasurer