(Houston - January 3, 2011) Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has closed a new $500 million, 364-day credit facility which is available to provide funding for PAA's financing arrangements in connection with PNG's acquisition of the Southern Pines Storage facility, which was announced on December 29, 2010. This credit facility may also be used for other corporate purposes.
Bank of America, N.A. serves as the Administrative Agent, and Merrill Lynch, Pierce, Fenner & Smith Inc, DnB NOR Markets, Inc. and J.P. Morgan Securities LLC are Joint Lead Arrangers and Joint Book Managers. DnB NOR Bank ASA and JPMorgan Chase Bank, NA serve as Co-Syndication agents. SunTrust Bank and Wells Fargo Bank, NA serve as Co-Documentation agents.
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.
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
Director, Investor Relations