Plains All American Pipeline uses revolver borrowings to help fund acquisition

By Sara Rosenberg

New York, Nov. 24 - Plains All American Pipeline LP used borrowings under its revolver along with cash on hand to fund its subsidiary's - Plains Marketing Canada LP - acquisition of the South Saskatchewan Pipeline System from South Saskatchewan Pipe Line Co. for about $47 million.

"We are pleased to complete this transaction, which has been subject to a letter of intent for several months," said Greg L. Armstrong, chairman and chief executive officer of the partnership, in a company news release. "The acquisition of this fee-based pipeline system complements our existing asset base in the province of Saskatchewan and advances our efforts to expand our presence in the Canadian market."

Plains All American is a Houston-based company involved in crude oil transportation, terminalling and storage, as well as crude oil and LPG gathering and marketing activities.

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