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Plains All American Pipeline LP Announces Agreement To Acquire Publicly-held Units Of PAA Natural Gas Storage

Tuesday, 22 Oct 2013 07:00am EDT 

Plains All American Pipeline LP (PAA) announced that it has entered into a definitive agreement and plan of merger with PAA Natural Gas Storage, L.P. (PNG) that provides for a merger whereby PNG will become a wholly-owned subsidiary of PAA, through a unit-for-unit exchange. Under the terms of the Merger Agreement, PNG's public unitholders will receive 0.445 common units of PAA per PNG common unit surrendered pursuant to the Merger Agreement, plus cash in lieu of any fractional common units of PAA otherwise issuable in the Merger. The transaction is expected to result in approximately 14.7 million additional common units being issued by PAA. In connection with the closing of the Merger, the owners of PAA's general partner have agreed to reduce their incentive distribution rights under PAA's Agreement of Limited Partnership by $12 million in each of 2014 and 2015, $10 million in 2016 and $5 million per year thereafter. The parties anticipate that the Merger will close in the latter half of the fourth quarter of 2013.