PAA Completes Public Offering of Common Units
(Houston - March 27, 2009) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that it has completed its previously announced underwritten public offering of common units. Including the over-allotment option which was exercised in full by the underwriters, the Partnership sold a total of 5,750,000 common units at $36.90 per common unit.
Total net proceeds from the offering, including the general partners' proportionate capital contribution after deducting underwriting discounts and commissions and offering expenses, were approximately $210 million. The Partnership net proceeds from the offering were used to reduce outstanding borrowings under its credit facilities, which may be reborrowed to fund future investments, and for general partnership purposes. As a result of the offering, the Partnership now has 128,661,645 common units outstanding.
UBS Investment Bank, Citi, J.P. Morgan, Merrill Lynch & Co. and Wachovia Securities 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:
UBS Investment Bank
Attn: Prospectus Dept.
299 Park Ave
New York, NY 10171
Telephone: 888-827-7275
Merrill Lynch & Co.
Attn: Prospectus Department
4 World Financial Center
New York, NY 10080
Citi
Brooklyn Army Terminal
Attention: Prospectus Delivery Dept.
140 58th Street, Brooklyn, NY 11220
Telephone: (800) 831-9146
Wachovia Securities
Attn: Equity Syndicate Dept.
375 Park Avenue, New York, NY 10152
Email: equity.syndicate@wachovia.com
Telephone: 800-326-5897
J.P. Morgan
Attn: Prospectus Library
4 Chase Metrotech Center, CS Level
Brooklyn, New York 11245
Telephone: 718-242-8002
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.
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% ownership in PAA/Vulcan 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.
Contacts:
Manager, Investor Relations
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
or
Vice President
A. Patrick Diamond, 713-646-4487 – 800-564-3036
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