PAA Natural Gas Storage, a limited partnership formed by Plains All American to operate and manage natural gas storage facilities, filed on Monday with the SEC to raise up to $200 million in an initial public offering. The Houston, TX-based company currently owns and operates two natural gas storage facilities in Louisiana and Michigan and booked $72 million in sales over the last 12 months. PAA Natural Gas Storage plans to list on the NYSE under the symbol PNG. Barclays Capital and UBS Investment Bank are the lead underwriters on the deal, for which pricing terms and timing were not disclosed.
