Plains All American Pipeline, L.P. has priced an underwritten public offering of $1.5 billion in junior subordinated notes, comprising $700 million of 6.750% Series A notes due 2056 and $800 million of 7.000% Series B notes due 2056, both priced at par. The company intends to use the net proceeds, along with cash on hand and commercial paper borrowings, to redeem all of its outstanding Series A and Series B Preferred Units, with redemptions expected around September 14 and October 9, 2026, respectively. The notes feature interest rate resets beginning in 2031 for Series A and 2036 for Series B, with rates based on the Five-Year U.S. Treasury Rate plus a spread, subject to a floor at the initial rate. The offering is expected to close on September 14, 2026, with J.P. Morgan Securities, Citigroup Global Markets, Mizuho Securities, MUFG Securities, and Truist Securities acting as joint book-running managers.
Mitsubishi UFJ Financial Group, Inc.
Mizuho Financial Group, Inc.Plains All American Pipeline LPPriced $1.5B junior subordinated notes to redeem its preferred units, a refinancing/capital-structure event.
Citigroup Inc.