July 23, 2009 (FinancialWire) — Plains All American Pipeline, L.P. (NYSE: PAA) said it has completed a public offering of $500 million of 4.25% senior unsecured notes due September 1, 2012 at $99.802 per $100 of principal, to yield 4.317%. J.P. Morgan (NYSE: JPM), BNP Paribas and Wells Fargo Securities (NYSE: WFC) acted as bookrunning managers.

The company saw net proceeds from the offering of around $497 million. Plains said it will be use the funds to supplement the capital available under the partnership’s existing hedged inventory facility to fund working capital needs associated with base levels of routine foreign crude oil import and for seasonal LPG inventory requirements.

Plains said that the hedged inventory facility matures in November 2009 and is generally renewed annually.

The partnership will use excess net proceeds, if any, for general partnership purposes, including reductions in outstanding borrowings under the Partnership’s credit facilities.

Houston-based Plains All American Pipeline is a master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products.

The partnership is also engaged in the development and operation of natural gas storage facilities through its 50% indirect ownership in PAA Natural Gas Storage, LLC.

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