PAA Natural Gas Storage, an L.P. formed by Plains All American to operate and manage natural gas storage facilities, announced terms for its IPO last Friday. The Houston, TX-based company plans to raise $200 million by offering 10 million units at a proposed price of $20 per unit. At the mid-point of the proposed range, PAA Natural Gas Storage L.P. will command a market value of $1.1 billion. PAA Natural Gas Storage L.P., which was founded in 2005 and booked $72 million in sales over the last 12 months, plans to list on the NYSE under the symbol PNG. Barclays Capital, UBS Investment Bank and Citi are the lead underwriters on the deal, for which timing was not disclosed.
