Plains All American Pipeline, L.P. has closed the previously announced sale of approximately 61 million units of a newly authorized series of 8% perpetual Series A Convertible Preferred Units (the “Preferred Units”) at a price of $26.25 per unit.

The Preferred Units will pay quarterly distributions at an annual rate of $2.10 per unit. After two years, the Preferred Units are convertible at the holders’ option into PAA common units on a one for one basis (subject to customary anti-dilution adjustments), and are convertible at PAA’s option in certain circumstances after three years.

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