Jul 30, 2004 |
PAA Commences Exchange Offer for $250 Million Senior Notes Due 2013 |
Contacts:
Phillip D. Kramer
Executive Vice President and CFO
713/646-4560 – 800/564-3036
A. Patrick Diamond
Manager, Special Projects
713/646-4487 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Pipeline Commences Exchange Offer for $250 Million Senior Notes Due 2013
(Houston – July 30, 2004) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that it and PAA Finance Corp., a wholly-owned subsidiary of Plains All American Pipeline, L.P., commenced an offer to exchange $250 million principal amount of their 5-5/8% Senior Notes due 2013, which have been registered under the Securities Act of 1933 for a like amount of their outstanding and unregistered 5-5/8% Senior Notes due 2013, which were issued on December 3, 2003 in a private placement. Plains All American Pipeline, L.P. and PAA Finance Corp. are acting as co-obligors and co-issuers of the new notes.
The Partnership noted that the commencement of the exchange offer followed the SEC’s declaring its S-4 registration statement effective, thus signifying the conclusion of the SEC review that was initiated in connection with the filing of that registration statement earlier in 2004.
The exchange offer is being made pursuant to the terms and conditions included in Plains All American Pipeline, L.P.’s and PAA Finance Corp.’s prospectus dated July 26, 2004. The terms of the new notes are identical in all material respects to those of the unregistered notes, except that the new notes do not have any transfer restrictions or rights to additional interest. The exchange offer will expire at 5:00pm Eastern Time on August 30, 2004, unless extended.
Copies of the prospectus and other information relating to this exchange offer, including transmittal materials, may be obtained from 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. Eligible institutions may make requests by facsimile at (704) 590-7628.
This news release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any securities of Plains All American Pipeline, L.P. and PAA Finance Corp., 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 state or jurisdiction.
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, stability of the capital markets, and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of crude oil discussed in the Partnership’s filings with the Securities and Exchange Commission.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, and crude oil gathering, marketing, terminalling and storage, as well as the marketing and storage of liquefied petroleum gas and other petroleum products, primarily in Texas, California, Oklahoma, Kansas, 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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