Plains All American Pipeline LP intends to pursue an initial public offering (IPO) of common units representing limited partner interests of PAA Natural Gas Storage LP (PNGS), a master limited partnership (MLP) subsidiary to be formed to own and operate its gas storage assets and business. Plains said it expects that a registration statement for IPO will be filed during the first quarter. Plains will own the 2% general partner interest and incentive distribution rights of PNGS and expects to retain “a substantial portion” of the MLP’s common and subordinated units. Plains anticipates using the proceeds of the IPO to repay debt and for general purposes.

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