April 27, 2010 (FinancialWire) — PAA Natural Gas Storage, L.P. (NYSE: PNG) said it has launched an initial public offering of 10 million of its common units representing limited partner interests.

PAA Natural Gas Storage, L.P. is a Delaware limited partnership formed by Plains All American Pipeline, L.P. (NYSE: PAA) to own, operate and grow the natural gas storage business it acquired in 2005.

PNG currently owns and operates two natural gas storage facilities located in Louisiana and Michigan that have an aggregate working gas storage capacity of 40 Bcf.

The underwriters of the IPO will be granted a 30-day over-allotment option to purchase up to 1.5 million additional common units. The common units will be listed on the New York Stock Exchange and traded under the symbol "PNG."

Barclays Capital (NYSE: BCS), UBS Investment Bank(NYSE: UBS), Citi (NYSE: C), and Wells Fargo Securities are acting as joint book-running managers

The common units being offered to the public represent 17.2 percent of the outstanding equity of PNG, or 19.8 percent if the underwriters exercise, in full, their over-allotment option. Plains All American Pipeline, L.P. will own the remaining equity interests in PNG.

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