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- Junior Subordinated Notes (new) — The notes rank junior to $8.8B of senior debt, increasing credit risk for noteholders.
- Optional Interest Deferral (new) — PAA may defer interest payments for up to 10 years at its discretion, which could significantly affect investor returns.
- High Leverage (new) — The company has approximately $9.9B in long-term debt and $324M in short-term debt as of June 30, 2026, on an as adjusted basis.
Plains All American Pipeline prices $1.5B junior subordinated notes offering to redeem preferred units
Filed September 11, 2026 · ~1 min read
Key Changes
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PAA is offering $1.5B of junior subordinated notes: $700M Series A at 6.750% due 2056 and $800M Series B at 7.000% due 2056.
The Offering verify on EDGAR → -
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Net proceeds to the company are approximately $1.479B after underwriting discounts and expenses.
Use of Proceeds verify on EDGAR → -
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Proceeds will redeem all outstanding Series A and Series B Preferred Units, with cash on hand and commercial paper borrowings covering any shortfall.
Use of Proceeds verify on EDGAR →
2 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 11, 2026 · How we verify