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Originally published Friday, April 30, 2010 at 4:45 AM

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PAA Natural Gas Storage prices IPO above range

PAA Natural Gas Storage LP priced an expanded initial public offering above expectations Thursday night, raising $252 million.

The Associated Press

NEW YORK —

PAA Natural Gas Storage LP priced an expanded initial public offering above expectations Thursday night, raising $252 million.

PAA Natural Gas Storage is the first company to price above expectations since Metals USA Holdings Corp., a metals processor whose stock fell 8.6 percent on its first day of trading April 9.

The Houston company, a unit of Plains All American Pipeline LP, sold 11.7 common units to initial investors at $21.50 apiece. In a regulatory filing last week, it had said it expected to price 10 million units from $19 to $21 each.

The underwriters, led by Barclays Capital, UBS Investment Bank, Citi and Wells Fargo Securities, can buy 1.8 million additional units to cover excess demand for the IPO.

The company operates the natural gas storage facilities Plains All American Pipeline acquired from Sempra Energy in 2005. It makes money from renting natural gas storage services to its customers.

PAA Natural Gas Storage plans to use proceeds from the IPO to repay debt owed to Plains All American Pipeline.

The company expects to begin trading on the New York Stock Exchange Friday under the symbol "PNG."

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