Plains All American Pipeline, L.P. (NYSE: PAA) announced an offering to sell approximately 5 million common units at an offering price of $36.90/unit. Joint book-runners include UBS, Citi, JP Morgan, Merrill Lynch & Co., and Wachovia Securities. The underwriters were granted an 30-day overallotment option of 750,000 units. The common units are being offered and sold through a shelf registration already on file with the SEC.
Plains will use the net proceeds from the offering “to reduce outstanding borrowings under its credit facilities, which may be reborrowed to fund future investments, and for general partnership purposes.”
In early trading, common units of Plains are down nearly 4.5%, to $36.09.
Paul Ausick
March 17, 2009
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Plains All American Pipeline, L.P. (NYSE: PAA) announced an offering to sell approximately 5 million common units at an offering price of $36.90/unit. Joint book-runners include UBS, Citi, JP Morgan, Merrill Lynch & Co., and Wachovia Securities. The underwriters were granted an 30-day overallotment option of 750,000 units. The common units are being offered and sold through a shelf registration already on file with the SEC.
