Plains All American Pipeline, L.P. Completes Public Offering Of Common Units

Plains All American Pipeline, L.P. announced that it has completed its previously announced underwritten public offering of common units representing limited partner interests. Including the overallotment option, which was exercised in full by the underwriters, the Partnership sold a total of 5,750,000 common units at a price to the public of $80.03 per common unit. Total net proceeds from the offering, including the general partner’s proportionate capital contribution and after deducting underwriting discounts and commissions and estimated offering expenses, were approximately $455 million. The Partnership intends to use the net proceeds of the offering to fund a portion of the proposed acquisition of BP Canada Energy Company, a wholly owned subsidiary of BP Corporation North America, Inc. Pending the application of the net proceeds to fund the BP NGL Acquisition, the Partnership intends to repay all borrowings outstanding under the PAA credit facilities and use the balance for general partnership purposes. If the BP NGL Acquisition is not consummated for any reason, the Partnership will use the net proceeds for general partnership purposes, including future acquisitions and capital program expenditures. As a result of the offering, the Partnership now has 161,318,749 common units outstanding. Barclays Capital, BofA Merrill Lynch, Citigroup, J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are joint book-running managers of the offering.