Plains All American Pipeline, L.P. (NYSE: PAA)
announced the commencement of a secondary public offering, subject to
market conditions, of 7,500,000 common units representing limited
partner interests owned by Vulcan Energy Corporation. The underwriters
are expected to be granted a 30-day option to purchase up to 1,125,000
additional common units to cover over-allotments, if any. The
Partnership will not receive any of the proceeds from the offering and
the number of PAA common units outstanding will remain unchanged.
Citigroup, Barclays Capital, BofA Merrill Lynch, J.P. Morgan, and UBS
Investment Bank will act as 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:
Citigroup Global Markets Inc.
Brooklyn Army Terminal
Attention: Prospectus Delivery Dept.
140 58th Street, Brooklyn, NY 11220
Telephone: (800) 831-9146
BofA Merrill Lynch
4 World Financial Center
New York 10080
Attn: Prospectus Department
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (888) 603-5847
J.P. Morgan Securities LLC|
via Broadridge Financial Solutions
Long Island Avenue
Edgewood, New York 11717
UBS Securities LLC
Attention: Prospectus Dept.
299 Park Avenue
New York, NY 10171
Telephone: (888) 827-7275
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. 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
Plains All American Pipeline, L.P.
Roy I. Lamoreaux,
713-646-4222 – 800-564-3036
Director, Investor Relations
Swanson, 713-646-4455 – 800-564-3036
President & CFO