Mar 06, 2003 |
PAA Announces Pricing of 2,300,000 Common Units |
(Houston – March 6, 2003) Plains All American Pipeline, L.P. (NYSE: PAA) today
announced the issuance and sale by the Partnership of 2,300,000 Common Units at a public
offering price of $24.80 per unit. Goldman, Sachs & Co. is serving as book-running lead
manager for the offering with A.G. Edwards & Sons, Inc. as co-lead manager.
Excluding the underwriters’ over-allotment option, net proceeds from the offering,
including the general partner’s proportionate capital contribution and expenses associated with
the offering, will be approximately $55.5 million. Such proceeds will be used to reduce
indebtedness under the Partnership's revolving credit facilities. Approximately $43 million of
such indebtedness is attributable to the Partnership’s two recently announced acquisitions. The
underwriters were also granted an option to purchase up to an additional 345,000 Common
Units.
Copies of the final prospectus relating to these securities may be obtained from Goldman,
Sachs & Co., 85 Broad Street, New York, New York 10004. Any offering shall be made only by
means of a final prospectus. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state.
Except for the historical information contained herein, the matters discussed in this news
release are forward-looking statements that involve certain risks and uncertainties.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil
transportation, terminalling and storage, as well as crude oil gathering and marketing activities,
primarily in Texas, Oklahoma, California, Louisiana and the Canadian Provinces of Alberta and
Saskatchewan. The Partnership's Common Units are traded on the New York Stock Exchange
under the symbol "PAA". The Partnership is headquartered in Houston, Texas.
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