Plains All American Pipeline, L.P. (NYSE:PAA)
today announced that it has completed an underwritten public offering of
21,000,000 of its common units representing limited partner interests at
$50.00 per common unit. The Partnership has also granted the underwriter
a 30-day option to purchase up to 3,150,000 additional common units.
Total net proceeds from the offering, including our general partner's
proportionate capital contribution and after deducting the underwriter's
discounts and commissions and estimated offering expenses, were
approximately $1.1 billion. The Partnership intends to use the net
proceeds from this offering, including the proceeds from any exercise of
the option to purchase additional common units, to repay outstanding
borrowings under its commercial paper program and for general
partnership purposes, including acquisitions, joint venture investments
and other expansion capital expenditures. Amounts repaid under the
Partnership's commercial paper program may be reborrowed, as necessary,
for general partnership purposes, including acquisitions, joint venture
investments and other expansion capital expenditures.
Barclays Capital Inc. acted as sole underwriter of the offering.
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, and only by means of a prospectus supplement
and accompanying base prospectus. Copies of the prospectus supplement
and accompanying base prospectus relating to the offering may be
obtained from Barclays Capital Inc. as follows:
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
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 state or
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership that owns and operates midstream energy infrastructure and
provides logistics services for crude oil, natural gas liquids ("NGL"),
natural gas and refined products. PAA owns an extensive network of
pipeline transportation, terminalling, storage and gathering assets in
key crude oil and NGL producing basins and transportation corridors and
at major market hubs in the United States and Canada. On average, PAA
handles over 4.1 million barrels per day of crude oil and NGL on its
pipelines. PAA is headquartered in Houston, Texas.
Plains All American Pipeline, L.P.
Ryan Smith, (866) 809-1291