Mar 12, 2003 |
PAA Announces Closing of Equity Offering |
(Houston – March 12, 2003) Plains All American Pipeline, L.P. (NYSE: PAA) today
announced that it had completed the sale by the Partnership of 2,645,000 Common Units at a
public offering price of $24.80 per unit. This amount includes the exercise of the underwriters’
option to purchase an additional 345,000 Common Units.
Net proceeds from the Common Units offering and the general partner’s proportionate
capital contribution were approximately $63.9 million. The proceeds were used to reduce
indebtedness under the Partnership’s revolving credit facilities. Approximately $43 million of the
indebtedness is attributable to the Partnership’s two recently announced acquisitions. As a result
of the equity offering and the exercise of the option to purchase additional Common Units, the
Partnership has a total of 52.2 million units outstanding.
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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