PAA Announces Public Offering of Senior Notes
(Houston - April 15, 2009) -- Plains All American Pipeline, L.P. (NYSE:PAA) today announced that it has commenced a public offering of senior notes. The Partnership intends to use the net proceeds from the offering to reduce outstanding borrowings under its credit facilities, which may be reborrowed to fund future investments, and for general partnership purposes.
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Banc of America Securities LLC
Prospectus Department 100 West 33rd Street, 3rd Floor
New York, New York 10001
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J.P. Morgan Securities Inc.
Attn: High Grade Syndicate Desk 270 Park Avenue
New York, New York 10017
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BNP Paribas Securities Corp.
Debt Syndicate Desk 787 Seventh Avenue
New York, New York 10019
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Wachovia Capital Markets, LLC
Customer Information Center Attn: Syndicate Operations
1525 West W.T. Harris Blvd.
Charlotte, North Carolina 28262-0675
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The senior notes will be 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 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 50% indirect ownership in PAA Natural Gas Storage, LLC, the Partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
Manager, Investor Relations
or
Al P. Swanson, 713-646-4455 – 800-564-3036
Senior Vice President & CFO
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