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Plains All American Pipeline to sell 5.5M units in offering

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May 6, 2008

HOUSTON—Plains All American Pipeline L.P., which transports and stores crude oil and related products, said Tuesday it plans to sell in a public offering about 5.5 million units representing limited partner interests.

The partnership also intends to grant the underwriters a 30-day option to buy up to 825,000 additional units to cover overallotments.

Plains All American plans to use proceeds from the offering to reduce debt and for general corporate purposes.

Wachovia Securities, Citi and UBS Investment Bank are managing the offering.

Shares of the company fell 15 cents to close at $47.38.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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