01—Abstract
Summary
Summary of the 8-K filed September 10, 2026. Cited figures are marked; the original filing is the authoritative source.
Plains All American Pipeline, L.P.
(PAA) reported in this Form 8-K, dated September 9, 2026, that it priced an underwritten public offering of junior subordinated notes due 2056. The offering consists of $700 milliona of 6.75% Series A Junior Subordinated Notes and $800 million of 7.00% Series B Junior Subordinated Notes. The offering is being made under an effective Form S-3 shelf registration and is expected to close on September 14, 2026, subject to customary closing conditions.
PAA intends to use the net proceeds, together with cash on hand and commercial paper borrowings, to redeem all 58,411,908 outstanding Series A Preferred Units and all 800,000 outstanding Series B Preferred Units. On September 9, 2026, PAA issued redemption notices for both series. The Series A Preferred Units will be redeemed at 110% of their $26.25b par value, or $28.875 per unit, on or about September 14, 2026.
The Series B Preferred Units will be redeemed at 100% of their $1,000c par value on or about October 9, 2026. Both redemption prices include accrued and unpaid distributions through the applicable redemption date. The filing states that the note offering and the preferred unit redemptions are not conditioned on each other.
The filing also notes that it is not itself an offer to purchase the preferred units or a notice of redemption. Its forward-looking statements point to risk factors in PAA's 2025 Form 10-K and subsequent filings.
02—Key points
Key Highlights
- Priced $1.5 billion in total junior subordinated notes due 2056: $700 million of 6.75% Series A and $800 million of 7.00% Series B
- Offering is being made under an effective Form S-3 registration statement (File No. 333-281967) and is expected to close on September 14, 2026
- Net proceeds, plus cash on hand and commercial paper borrowings, will fund redemption of all 58,411,908 Series A Preferred Units and all 800,000 Series B Preferred Units
- Series A Preferred Units to be redeemed on or about September 14, 2026 at $28.875 per unit (110% of $26.25 par value)
- Series B Preferred Units to be redeemed on or about October 9, 2026 at $1,000 per unit (100% of par value)
- Redemption prices include accrued and unpaid distributions to the applicable redemption date
- The note offering and preferred unit redemptions are stated to be independent, with neither conditioned on the other
03—Questions
Frequently Asked Questions
What is PAA raising capital for in this filing?
PAA priced $1.5 billion of junior subordinated notes due 2056, consisting of $700 million of 6.75% Series A notes and $800 million of 7.00% Series B notes. The filing says PAA intends to use the net proceeds, together with cash on hand and commercial paper borrowings, to redeem its outstanding Series A and Series B Preferred Units.
How many preferred units are being redeemed and at what price?
PAA is redeeming all 58,411,908 Series A Preferred Units at $28.875 per unit, which is 110% of the $26.25 par value. It is also redeeming all 800,000 Series B Preferred Units at $1,000 per unit, equal to par value. Both prices include accrued and unpaid distributions through the redemption date.
When will the notes offering close and the preferred units be redeemed?
The notes offering is expected to close on September 14, 2026, subject to customary closing conditions. The Series A Preferred Units are expected to be redeemed on or about September 14, 2026, and the Series B Preferred Units on or about October 9, 2026.
Are the note offering and the preferred unit redemptions linked?
No. The filing states that completion of the junior subordinated notes offering is not conditioned on completion of the preferred unit redemptions, and the redemptions are not conditioned on the offering.
04—Continue