EX-99.1
8
h72950exv99w1.htm
EX-99.1
exv99w1
Exhibit 99.1
Contacts:
Roy I. Lamoreaux
A. Patrick Diamond
Director, Investor Relations
Vice President
713-646-4222 - 800-564-3036
Plains All American Pipeline, L.P.
713-646-4487 - 800-564-3036
FOR IMMEDIATE RELEASE
PAA Natural Gas Storage, L.P. Completes Initial Public Offering
HOUSTON, May 5, 2010 - PAA Natural Gas Storage, L.P. (NYSE: PNG) today
announced that it has completed its initial public offering of 13,478,000
common units representing limited partner interests at $21.50 per common unit.
The number of units issued at closing included 1,758,000 additional common
units issued pursuant to the full exercise of the underwriters' over-allotment
option.
Net proceeds received by PAA Natural Gas Storage from the sale of the
13,478,000 common units were approximately $269 million. PNG expects to use
these net proceeds, together with $200 million of borrowings under its new
credit facility, to repay intercompany indebtedness owed to Plains All American
Pipeline, L.P. (NYSE: PAA). PAA expects to use all or a portion of these
proceeds to repay amounts outstanding under its credit facilities and for
general partnership purposes.
The common units offered represent approximately 23.2 percent of the
outstanding equity of PNG. Plains All American Pipeline, L.P. owns the
remaining equity interests in PNG.
Barclays Capital, UBS Investment Bank, Citi, and Wells Fargo Securities acted
as joint book-running managers for the offering. BofA Merrill Lynch, J.P.
Morgan, Raymond James, Madison Williams, Morgan Keegan & Company, Inc., RBC
Capital Markets, and Stifel Nicolaus acted as co-managers for the offering.
This offering of common units will be made only by means of a prospectus. A
copy of the final written prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, may be obtained from the offices of:
Barclays Capital
UBS Investment Bank
c/o Broadridge Integrated Distribution Services
Attn: Prospectus Department
1155 Long Island Avenue
299 Park Avenue
Edgewood, New York 11717
New York, New York 10171
Toll free: 1-888-603-5847
Toll free: 1-888-827-7275
Barclaysprospectus@broadridge.com
Citi
Wells Fargo Securities
Brooklyn Army Terminal
Attn: Equity Syndicate Dept.
Attention: Prospectus Dept.
375 Park Avenue New York
140 58th Street, 8th floor,
New York 10152
Brooklyn, NY, 11220
Telephone: (800) 326-5897
Toll-free number: (800) 831-9146
equity.syndicate@wellsfargo.com
batprospectusdept@citi.com
A registration statement relating to these securities has been filed with, and
declared effective by, the Securities and Exchange Commission. This news
release shall not constitute an offer to sell or the solicitation of an offer
to buy nor shall there be any sale of these securities in any state in which
such offer, sale or solicitation would be unlawful prior to registration or
qualification under the securities law in any such state.
###

EX - 99 . 1 8 h72950exv99w1 . htm EX - 99 . 1 exv99w1 Exhibit 99 . 1 Contacts : Roy I . Lamoreaux A . Patrick Diamond Director , Investor Relations Vice President 713 - 646 - 4222 - 800 - 564 - 3036 Plains All American Pipeline , L . P . 713 - 646 - 4487 - 800 - 564 - 3036 FOR IMMEDIATE RELEASE PAA Natural Gas Storage , L . P . Completes Initial Public Offering HOUSTON , May 5 , 2010 - PAA Natural Gas Storage , L . P . ( NYSE : PNG ) today announced that it has completed its initial public offering of 13,478,000 common units representing limited partner interests at $ 21.50 per common unit . The number of units issued at closing included 1,758,000 additional common units issued pursuant to the full exercise of the underwriters ' over - allotment option . Net proceeds received by PAA Natural Gas Storage from the sale of the 13,478,000 common units were approximately $ 269 million . PNG expects to use these net proceeds , together with $ 200 million of borrowings under its new credit facility , to repay intercompany indebtedness owed to Plains All American Pipeline , L . P . ( NYSE : PAA ) . PAA expects to use all or a portion of these proceeds to repay amounts outstanding under its credit facilities and for general partnership purposes . The common units offered represent approximately 23 . 2 percent of the outstanding equity of PNG . Plains All American Pipeline , L . P . owns the remaining equity interests in PNG . Barclays Capital , UBS Investment Bank , Citi , and Wells Fargo Securities acted as joint book - running managers for the offering . BofA Merrill Lynch , J . P . Morgan , Raymond James , Madison Williams , Morgan Keegan & Company , Inc . , RBC Capital Markets , and Stifel Nicolaus acted as co - managers for the offering . This offering of common units will be made only by means of a prospectus . A copy of the final written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 , may be obtained from the offices of : Barclays Capital UBS Investment Bank c / o Broadridge Integrated Distribution Services Attn : Prospectus Department 1155 Long Island Avenue 299 Park Avenue Edgewood , New York 11717 New York , New York 10171 Toll free : 1 - 888 - 603 - 5847 Toll free : 1 - 888 - 827 - 7275 Barclaysprospectus@broadridge.com Citi Wells Fargo Securities Brooklyn Army Terminal Attn : Equity Syndicate Dept . Attention : Prospectus Dept . 375 Park Avenue New York 140 58th Street , 8th floor , New York 10152 Brooklyn , NY , 11220 Telephone : ( 800 ) 326 - 5897 Toll - free number : ( 800 ) 831 - 9146 equity.syndicate@wellsfargo.com batprospectusdept@citi.com A registration statement relating to these securities has been filed with , and declared effective by , the Securities and Exchange Commission . This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer , sale or solicitation would be unlawful prior to registration or qualification under the securities law in any such state . # # #
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