Plains All American Pipeline LP, which moves and stores crude oil and petroleum products, said Wednesday it raised about $382.5 million through the sale of 6.3 million common units.
The offering was priced at $59.56 per unit, representing a 3 percent discount to the closing price of the units on Monday.
Part of the proceeds will be used to fund the closing of its Bumstead LPG storage facility acquisition and for ongoing expansion capital projects. The rest will be used to lower short-term inventory related borrowings.
Plains plans to close the offering by the end of the month.
Shares of Plains All American Pipeline fell 17 cents to $63.08 in afternoon trading.
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