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- The Notes Are Subordinated or Effectively Subordinated to All of Our Other Indebtedness (new) — The notes rank junior to all existing and future senior debt, increasing credit risk for noteholders.
- We Can Defer Interest Payments On the Notes For One or More Optional Deferral Periods of Up to 20 Consecutive Semi-annual Interest Payment Periods Each. (new) — The company may defer interest for up to 10 years per period, which could significantly reduce the market price and liquidity of the notes.
- If the Irs Were to Successfully Challenge the Classification of the Notes As Indebtedness, the U.s. Federal Income Tax Consequences to Holders of the Notes Would Be Materially Different From Those Described Herein. (new) — There is no controlling authority on the debt/equity classification of these notes, and recharacterization as equity could lead to adverse tax consequences for holders.
Plains All American Pipeline offers junior subordinated notes due 2056 to redeem preferred units
Filed September 9, 2026 · ~2 min read
Key Changes
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PAA is offering two series of junior subordinated notes due 2056, but the aggregate principal amount and interest rates are not yet determined in this preliminary prospectus supplement.
The Offering verify on EDGAR → -
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The notes allow PAA to defer interest payments for up to 20 consecutive semi-annual periods (up to 10 years) at its discretion, with interest continuing to accrue and compound.
The Offering verify on EDGAR → -
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The notes are unsecured and rank junior to all existing and future senior indebtedness, and the indenture does not limit additional debt.
Risk Factors verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 9, 2026 · How we verify