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Total net proceeds from the offering, including the general partner's proportionate capital contribution after deducting underwriting discounts and commissions and estimated offering expenses, were approximately $246 million. The Partnership intends to use the net proceeds from the offering to reduce outstanding borrowings under its credit facilities, which may be re-borrowed to redeem its outstanding 7.13% senior notes due 2014, and for general partnership purposes. As a result of the offering, the Partnership now has 136,135,988 common units outstanding.
Citi, BofA Merrill Lynch, J.P. Morgan, and UBS Investment Bank were joint book-running managers of the offering.
A copy of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the underwriters as follows:
Citi BofA Merrill Lynch Brooklyn Army Terminal Attn: Prospectus Department Attention: Prospectus Delivery Dept. 4 World Financial Center 140 58th Street, Brooklyn, NY 11220 New York, NY 10080 Telephone: (800) 831-9146 J.P. Morgan UBS Investment Bank Attn: Prospectus Library Attn: Prospectus Dept. 4 Chase Metrotech Center, CS Level 299 Park Avenue Brooklyn, New York 11245 New York, New York 10171 Telephone: (718) 242-8002 Telephone: (888) 827-7275
The common units were 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.
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. The Partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.
SOURCE: Plains All American Pipeline, L.P.
Plains All American Pipeline, L.P. Manager, Investor Relations Roy I. Lamoreaux, 713-646-4222 -- 800-564-3036 or Vice President A. Patrick Diamond, 713-646-4487 -- 800-564-3036
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