Plains All American Pipeline raises $247.04 million through public offering of common units

Thu. September 17, 2009; Posted: 02:25 PM

Sep 17, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- PAA | Quote | Chart | News | PowerRating -- Plains All American Pipeline, L.P. has raised $247.04 million through an underwritten public offering of common units. Including the over-allotment option, which was exercised in full by the underwriters, the company sold a total of 5.29 million common units at $46.70 per common unit.

Plains All American is a US-based company engaged in the transportation, storage, terminalling, and marketing of crude oil, refined products, liquefied petroleum gas, and other natural gas related petroleum products.

Update on September 9, 2009:

Plains All American has priced an underwritten public offering of 4.6 million common units representing limited partner interests at $46.70 per common unit.

Plains All American has also granted the underwriters a 30-day option to purchase up to 0.69 million additional common units to cover over-allotments, if any. The offering is expected to close on September 14, 2009.

Announcement (September 8, 2009):

Plains All American has agreed to raise approximately $50 million by issuing 4.5 million units in a public offering.

Plains All American has granted the underwriters a 30-day option to purchase up to 0.675 million additional common units.

Citigroup Global Markets, Inc., BofA Merrill Lynch, J.P. Morgan Securities, Inc., and UBS Investment Bank are acting as joint book-runners, while Barclays Capital, Inc., Raymond James, Ltd., and Wells Fargo Securities, LLC are acting as co-managers for the offering.

Deal Value (US$ Million) 247.04
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-09-14

Deal Participants

Target (Company) Plains All American Pipeline, L.P.

Deal Rationale

Plains All American Pipeline intends to use the proceeds to reduce the outstanding borrowings under its credit facilities, which may be re-borrowed to redeem $250 million aggregate principal amount of its outstanding 7.13% senior notes due 2014, and for general partnership purposes.

Offer Price ($ per share) 46.7
No. Shares Issued         5290000

For full details on Plains All Amer Pipeline (PAA) click here. Plains All Amer Pipeline (PAA) has Short Term PowerRatings of 5. Details on Plains All Amer Pipeline (PAA) Short Term PowerRatings is available at This Link.

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