Plains All American Pipeline priced $700 million of Series A and $800 million of Series B junior subordinated notes, both due 2056, to help redeem its preferred units. Investors will see separate funding and Redemption steps, with Series A units targeted for redemption around September 14 and Series B units around October 9.

Key Highlights

  • Series B preferred units carry a 100% redemption price based on $1,000 Par Value per unit.
  • The note offering and preferred-unit redemptions are not conditional on one another.
  • The Series A and Series B notes are expected to close on September 14, 2026, subject to customary closing conditions.

$700M

and $800M Junior Notes The Series A and Series B notes are expected to close on September 14, 2026, subject to customary closing conditions. PAA (NASDAQ: PAA) issued redemption notices for both preferred-unit series on September 9, 2026. The Series A units are scheduled for redemption on or about September 14 at 110% of their $26.25 par value, equal to $28.875 per unit. The Series B units are scheduled for redemption on or about October 9 at 100% of their $1,000 par value per unit.

Preferred Unit Redemption Mechanics Accrued

and unpaid distributions through, but excluding, each applicable redemption date will be included in the redemption prices. The closing of the notes offering is not dependent on completing either preferred-unit redemption. The redemptions likewise are not dependent on completing the notes offering.