PAA Announces Public Offering of Common Units
February 25 2015 - 4:10PM
Business Wire
Plains All American Pipeline, L.P. (NYSE: PAA) today announced
that it has commenced an underwritten public offering of 21,000,000
of its common units representing limited partner interests. The
Partnership also intends to grant the underwriter a 30-day option
to purchase up to 3,150,000 additional common units.
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. will act as sole underwriter of the
offering.
The common units will be 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. When
available, 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
Email:
Barclaysprospectus@broadridge.com
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 jurisdiction.
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)
809-1291Director, Investor Relations
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