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	<title>Stock Blog Hub &#187; Plains All American Pipeline L</title>
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		<title>(PAA) Plains All American Pipeline Buys Stake in PAA Natural Gas Storage</title>
		<link>http://www.stockbloghub.com/2009/09/01/paa-plains-all-american-pipeline-buys-stake-in-paa-natural-gas-storage/14008</link>
		<comments>http://www.stockbloghub.com/2009/09/01/paa-plains-all-american-pipeline-buys-stake-in-paa-natural-gas-storage/14008#comments</comments>
		<pubDate>Tue, 01 Sep 2009 17:27:54 +0000</pubDate>
		<dc:creator>vitalstocks</dc:creator>
				<category><![CDATA[Basic Materials]]></category>
		<category><![CDATA[Oil & Gas Pipelines]]></category>
		<category><![CDATA[PAA]]></category>
		<category><![CDATA[Plains All American Pipeline L]]></category>

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		<description><![CDATA[Plains All American Pipeline (PAA) recently agreed to acquire a 50% stake in PAA Natural Gas Storage (PNGS) from Vulcan Capital for $220 million. The deal will bring Plains total control over its natural gas storage business and related operating entities. The transaction comprises $90 million cash disbursement, distribution of 1.9 million common units of PAA at $90 million and deferred cash consideration of up to $40 million, which is conditional upon achievement of certain performance targets over the next few years. The deal is expected to close by Sept. 3. As of June 30, PNGS had around $450 million in debt and nearly $52 million of cash. PAA will pay off the outstanding project finance debt by using the unit’s cash and available credit line. Management is optimistic about ]]></description>
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