PAA Completes Public Offering of $1.5 Billion in Junior Subordinated Notes

Plains All American Pipeline, L.P. (PAA) has completed a public offering of $1.5 billion in aggregate principal amount of two series of junior subordinated notes due 2056. The offering, which closed on September 14, 2026, consists of $700 million of 6.750% Series A Notes and $800 million of 7.000% Series B Notes.

Key Details

• Offering Details: The offering includes $700 million of 6.750% Series A Notes and $800 million of 7.000% Series B Notes, for a total of $1.5 billion.
• Terms & Maturity: Both series of notes will mature on December 15, 2056. The notes are unsecured obligations and rank junior to PAA's existing and future senior indebtedness.
• Interest & Redemption: Interest is payable semi-annually. The interest rates are subject to adjustment on their respective first reset dates (December 15, 2031 for Series A and December 15, 2036 for Series B) and every five years thereafter. PAA has the option to redeem the notes at specified times.