Plains All American Pipeline Sells 5.75 Million Common Units
UBS Investment Bank (NYSE: UBS), Citi (NYSE: C), J.P. Morgan (NYSE: JPM), Merrill Lynch & Co. and Wachovia Securities were joint book-running managers of the offering.
Plains saw total net proceeds from the offering of around $210 million. The company used the net proceeds 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, Plains now has 128,661,645 common units outstanding.
Houston-based Plains All American Pipeline is a 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, Plains is also engaged in the development and operation of natural gas storage facilities.
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