Plains All American Prices $1.5B Notes Offering to Fund Preferred Unit Redemption

Plains All American Pipeline (PAA) announced the pricing of a $1.5 billion underwritten public offering of junior subordinated notes. The company intends to use the net proceeds, along with cash on hand and commercial paper, to redeem all of its outstanding Series A and Series B preferred units.

Key Details

• Note Offering: The offering consists of $700 million of 6.75% Series A notes and $800 million of 7.00% Series B notes, both due in 2056. The offering is expected to close on September 14, 2026.
• Series A Preferred Redemption: All 58.4 million outstanding units will be redeemed at a price of $28.875 per unit (110% of par value) on or about September 14, 2026.
• Series B Preferred Redemption: All 800,000 outstanding units will be redeemed at a price of $1,000 per unit (100% of par value) on or about October 9, 2026.