Financing ·
Plains All American Pipeline LP priced a $1.5 billion underwritten public offering of junior subordinated notes due in…
PAAPlains All American Pipeline LP
Plains All American Pipeline LP priced a $1.5 billion underwritten public offering of junior subordinated notes due in 2056, comprising $700 million of 6.75% Series A notes and $800 million of 7.00% Series B notes. The company intends to use the net proceeds, along with cash on hand and commercial paper borrowings, to redeem all outstanding preferred units. Specifically, it will redeem 58,411,908 Series A preferred units at $28.875 per unit (110% of par) around September 14, 2026, and 800,000 Series B preferred units at $1,000 per unit (par value) around October 9, 2026. The offering is expected to close on September 14, 2026. Plains All American Pipeline LP operates in the energy infrastructure sector, owning and operating pipelines for crude oil, natural gas liquids, and refined products.