Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PLAINS ALL AMERICAN PIPELINE LP | h77820e8vk.htm |
| EX-8.1 - EX-8.1 - PLAINS ALL AMERICAN PIPELINE LP | h77820exv8w1.htm |
| EX-5.1 - EX-5.1 - PLAINS ALL AMERICAN PIPELINE LP | h77820exv5w1.htm |
| EX-1.1 - EX-1.1 - PLAINS ALL AMERICAN PIPELINE LP | h77820exv1w1.htm |
Exhibit 99.1
Contacts:
|
Roy I. Lamoreaux Director, Investor Relations 713-646-4222 — 800-564-3036 |
Al Swanson Senior Vice President & CFO 713-646-4455 — 800-564-3036 |
FOR IMMEDIATE RELEASE
Plains All American Pipeline, L.P. Prices
Public Offering of Common Units
Public Offering of Common Units
(Houston — November 16, 2010) Plains All American Pipeline, L.P. (NYSE: PAA) announced
today that it has priced an underwritten public offering of 4,200,000 of its common units
representing limited partner interests at $62.60 per common unit. The offering is expected to
close on November 19, 2010. The Partnership has also granted the underwriters a 30-day option to
purchase up to 630,000 additional common units to cover over-allotments, if any.
The Partnership intends to use the net proceeds from the offering, including the proceeds from
any exercise of the over-allotment option, to reduce outstanding borrowings under its credit
facilities and for general partnership purposes. Amounts repaid under the Partnership’s credit
facilities may be reborrowed to fund its ongoing capital program, potential future acquisitions,
including the pending Nexen acquisition, or for general partnership purposes.
Citi, BofA Merrill Lynch, Morgan Stanley and Wells Fargo Securities are joint book-running
managers of the offering.
When available, copies of the prospectus supplement and accompanying base prospectus relating
to the offering may be obtained from the underwriters as follows:
Citi Brooklyn Army Terminal Attention: Prospectus Delivery Dept. 140 58th Street, Brooklyn, NY 11220 Telephone: (800) 831-9146 batprospectusdept@citi.com |
Morgan Stanley Attn: Prospectus Dept. 180 Varick Street, 2nd Floor New York, NY 10014 Tel: (866) 718-1649 Email: prospectus@morganstanley.com |
|
BofA Merrill Lynch 4 World Financial Center New York, New York 10080 Attn: Prospectus Department dg.prospectus_requests@baml.com |
Wells Fargo Securities Attn: Equity Syndicate Dept. 375 Park Avenue New York, New York 10152 cmclientsupport@wellsfargo.com Phone: (800) 326-5897 |
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.
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 and other petroleum-related products 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 general
partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (NYSE:
PNG), PAA is also engaged in the development and operation of natural gas storage facilities. PAA
is headquartered in Houston, Texas.
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