April 20, 2009 (FinancialWire) — Plains All American Pipeline, L.P. (NYSE: PAA) said that it has completed a public offering of $350 million of 8.75% senior unsecured notes due May 1, 2019 at $99.994 to yield 8.750%. Banc of America Securities (NYSE: BAC), J.P. Morgan (NYSE: JPM), BNP Paribas and Wachovia Securities were book-running managers.

The company saw total net proceeds of around $347 million, which it used to reduce outstanding borrowings under its credit facilities.

Houston-based Plains All American Pipeline is engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products.

the partnership is also engaged in the development and operation of natural gas storage facilities through its 50% indirect ownership in PAA Natural Gas Storage.

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