PAA Natural Gas Storage LP - 2011-02-08
Description
Approximately $600 million of equity financing was provided by the sale in a private placement of 17.4 million PNG common units to third-party purchasers and 10.2 million PNG common units to Plains All American Pipeline LP (NYSE: PAA), as well as PAA's proportionate general partner contribution. The debt financing consisted of PNG selling a three-year, $200 million note to PAA at an interest rate of 5.25% per annum.
The equity financing was used to help fund the acquisition of SG Resources Mississippi LLC.