Attached files
file | filename |
---|---|
8-K - FORM 8-K - PAA NATURAL GAS STORAGE LP | h72693e8vk.htm |
EX-5.1 - EX-5.1 - PAA NATURAL GAS STORAGE LP | h72693exv5w1.htm |
EX-1.1 - EX-1.1 - PAA NATURAL GAS STORAGE LP | h72693exv1w1.htm |
EX-10.1 - EX-10.1 - PAA NATURAL GAS STORAGE LP | h72693exv10w1.htm |
Exhibit 99.1
Contacts:
|
Roy I. Lamoreaux | A. Patrick Diamond | ||
Director, Investor Relations | Vice President | |||
713-646-4222 800-564-3036 | Plains All American Pipeline, L.P. | |||
713-646-4487 800-564-3036 |
FOR IMMEDIATE RELEASE
PAA Natural Gas Storage, L.P. Prices Initial Public Offering
HOUSTON, April 29, 2010 PAA Natural Gas Storage, L.P. (NYSE: PNG) today
announced that it has priced its initial public offering of 11,720,000 common
units representing limited partner interests at $21.50 per common unit. The
underwriters have been granted a 30-day over-allotment option to purchase up to
1,758,000 additional common units. The common units will begin trading on
Friday, April 30, 2010, on the New York Stock Exchange under the symbol PNG.
The offering is expected to close on or about May 5, 2010.
Upon conclusion of the offering, the public will own approximately 20.1 percent
of the outstanding equity of PNG, or 23.2 percent if the underwriters exercise,
in full, their over-allotment option. Plains All American Pipeline, L.P. will
own the remaining equity interests in PNG.
Barclays Capital, UBS Investment Bank, Citi, and Wells Fargo Securities are
acting as joint book-running managers for the offering. BofA Merrill Lynch,
J.P. Morgan, Raymond James, Madison Williams, Morgan Keegan & Company, Inc.,
RBC Capital Markets, and Stifel Nicolaus are acting as co-managers for the
offering.
This offering of common units will be made only by means of a prospectus. A
written prospectus meeting the requirements of Section 10 of the Securities Act
of 1933, when available, may be obtained from the offices of:
Barclays Capital
|
UBS Investment Bank | |
c/o Broadridge Integrated Distribution Services
|
Attn: Prospectus Department | |
1155 Long Island Avenue
|
299 Park Avenue | |
Edgewood, New York 11717
|
New York, New York 10171 | |
Toll free: 1-888-603-5847
|
Toll free: 1-888-827-7275 | |
Barclaysprospectus@broadridge.com |
Citi
|
Wells Fargo Securities | |
Brooklyn Army Terminal
|
Attn: Equity Syndicate Dept. | |
Attention: Prospectus Dept.
|
375 Park Avenue New York | |
140 58th Street, 8th floor,
|
New York 10152 | |
Brooklyn, NY, 11220
|
Telephone: (800) 326-5897 | |
Toll-free number: (800) 831-9146
|
equity.syndicate@wellsfargo.com | |
batprospectusdept@citi.com |
A registration statement relating to these securities has been filed with,
and declared effective by, the Securities and Exchange Commission. This news
release shall not constitute an offer to sell or the solicitation of an offer
to buy nor shall there be any sale of these securities in any state in which
such offer, sale or solicitation would be unlawful prior to registration or
qualification under the securities law in any such state.
Forward-Looking Statements
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 development, acquisition, operation and commercial management
of natural gas storage facilities discussed in the Partnerships filings with
the Securities and Exchange Commission.
###