Plains All American Pipeline announced Wednesday that it priced a $1.5 billion public offering of junior subordinated notes, split into $700 million of 6.750% Series A Notes and $800 million of 7.000% Series B Notes, both due in 2056. The notes were priced at 100% of face value, with interest rates resetting every five years after the first reset dates in 2031 and 2036, based on the five-year U.S. Treasury rate plus a spread, with a floor at the initial rates. The offering is expected to close on September 14, 2026, subject to customary conditions. The company plans to use the net proceeds, along with cash on hand and commercial paper borrowings, to redeem all outstanding Series A preferred units around September 14 and Series B preferred units around October 9, including accrued and unpaid distributions.
Plains All American Pipeline LPPlains priced a $1.5B junior subordinated notes offering to redeem its Series A and B preferred units, a refinancing/liability-management move.
