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  • PNG To Begin Trading Today

    PAA Natural Gas Storage LP (NYSE:PNG) begins trading today on the NYSE.

    PNG is a unit of Plains All American Pipeline LP (NYSE:PAA). It operates natural gas storage facilities acquired by PAA in 2005. Its revenues are derived from renting its storage services to its customers. The company is based in Houston, TX.

    PNG has raised $252 million in its IPO, $52 million more than was initially expected. 11.7 milliion shares were sold to initial investors at a price of $21.50. It plans to use the proceeds from the offering to repay debt owed to PAA.

    Disclosure: no position
    Tags: PNG
    Apr 30 9:05 AM | Link | Comment!
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