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PAA Natural Gas Storage LP prices public offering of 11.72m common units.

M2 EQUITYBITES-30 April 2010-PAA Natural Gas Storage LP prices public offering of 11.72m common units(C)2010 M2 COMMUNICATIONS

PAA Natural Gas Storage LP (PNG) (NYSE:PNG) declared on Thursday that the company has priced its initial public offering of 11,720,000 common units representing limited partner interests at USD21.50 per common unit.

The underwriters have also been granted a 30-day over-allotment option to acquire up to 1,758,000 additional common units.

The common units will begin trading on 30 April 2010 on the New York Stock Exchange under the symbol 'PNG'.

Following closing, the public will own approximately 20.1% of the outstanding equity of PNG, or 23.2% if the underwriters exercise their over-allotment option in full. Plains All American Pipeline LP will own the remaining equity interests in PNG.

Barclays Capital, UBS Investment Bank, Citi and Wells Fargo Securities are acting as joint book-running managers for the offering.

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Publication:M2 EquityBites (EQB)
Date:Apr 30, 2010
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