By Houston Business Journal

Plains All American Pipeline LP said Monday it had closed a new $500 million, 364-day credit facility to help fund the late-December acquisition of SG Resources Mississippi LLC by an affiliated company, PAA Natural Gas Storage LP.

SG Resources owns the Southern Pines Energy Center natural gas storage facility, 60 miles north of Pascagoula, Miss. The deal is valued at $750 million.

As a result of the transaction, Houston-based Plainsâ¿¿ (NYSE: PAA) aggregate ownership in PAA Natural Gas (NYSE: PNG) will decrease to 70 percent from 77 percent.

Copyright 2011 American City Business Journals

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