Plains All American Pipeline, L.P. (NYSE: PAA) announced on March 9 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 Co., a wholly owned subsidiary of BP Corp. North America, Inc.
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