{"success":true,"data":{"pressRelease":{"id":"139749","rtpr_id":"nGNX6BZZRy-20260909","ticker":"PAA","exchange":"NASDAQ","all_tickers":["PAA"],"title":"Plains All American Announces Pricing of Public Offering of $1,500,000,000 of Junior Subordinated Notes and Intent to Redeem Series A and Series B Preferred Units","author":"Globe Newswire","published_at":"2026-09-09T21:41:42.098Z","article_body":"HOUSTON, Sept. 09, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P.\n(Nasdaq: PAA) (“PAA”) today announced that it has priced an underwritten\npublic offering (the “Offering”) of $700,000,000 aggregate principal\namount of PAA’s 6.750% Series A Junior Subordinated Notes due 2056 (the\n“Series A Notes”) and $800,000,000 aggregate principal amount of PAA’s\n7.000% Series B Junior Subordinated Notes due 2056 (the “Series B Notes”\nand together with the Series A Notes, the “Notes”), at a price to the\npublic of 100.000% and 100.000% of their face value, respectively. The\ninterest rates on the Series A Notes and the Series B Notes will be subject to\nadjustment on December 15, 2031 and December 15, 2036, respectively (the\n“First Reset Date”), and on each five-year anniversary thereafter. The\nadjusted interest rates will be based on the then applicable Five-Year U. S.\nTreasury Rate plus a spread; provided that the interest rate during such\nperiods will not reset below the initial interest rate of the applicable\nseries of Notes. In addition, the Series A Notes and the Series B Notes will\nbe subject to redemption by PAA during the 90-day period prior to the\napplicable First Reset Date and thereafter on any applicable interest payment\ndate. The Offering is expected to close on September 14, 2026, subject to the\nsatisfaction of customary closing conditions.\n\nPAA intends to use the net proceeds of the Offering, after deducting the\nunderwriter discounts and estimated offering expenses, together with cash on\nhand and commercial paper borrowings, to redeem all of its Series A Preferred\nUnits outstanding on or about September 14, 2026 and all of its Series B\nPreferred Units outstanding on or about October 9, 2026, plus accrued and\nunpaid distributions to, but not including, the applicable redemption date.\nThis press release does not constitute a notice of redemption with respect to\neither of the Series A Preferred Units or the Series B Preferred Units.\n\nJ.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities\nUSA LLC, MUFG Securities Americas Inc. and Truist Securities, Inc. are acting\nas joint book-running managers for the Offering.  The Offering is being made\npursuant to an effective shelf registration statement on Form S-3 previously\nfiled with the U.S. Securities and Exchange Commission (the “SEC”) and may\nonly be made by means of a base prospectus and accompanying prospectus\nsupplement meeting the requirements of Section 10 of the Securities Act of\n1933, as amended, copies of which may be obtained from the underwriters as\nfollows:\n\n J.P. Morgan Securities LLC c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: 212-834-4533 E-mail: prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com  Citigroup Global Markets Inc. c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: 1-800-831-9146 E-mail: prospectus@citi.com  \n Mizuho Securities USA LLC 1271 Avenue of the Americas New York, NY 10020 Telephone: 1-866-271-7403                                                                                                                MUFG Securities Americas Inc. 1221 Avenue of the Americas, 6th Floor New York, NY 10020 Telephone: 1-877-649-6848 E-mail: syndicate@us.sc.mufg.jp                  \n Truist Securities, Inc. 740 Battery Avenue SE, 3rd Floor Atlanta, GA 30339 Telephone: 1- 800-685-4786 E-mail: TruistSecurities.prospectus@Truist.com                                                                                                                                                                                                                                 \n                                                                                                                                                                                                                                                                                                                                                                                      \n\nThis news release does not constitute an offer to sell or a solicitation of an\noffer to buy the securities described herein, nor shall there be any sale of\nthese securities in any state or jurisdiction in which such an offer,\nsolicitation or sale would be unlawful prior to registration or qualification\nunder the securities laws of any such state or jurisdiction.\n\nForward-Looking Statements\nThis news release may include certain statements concerning expectations for\nthe future that are forward-looking statements as defined by federal law,\nincluding without limitation statements regarding the Offering and the\nexpected timing and terms thereof. Such forward-looking statements are subject\nto a variety of known and unknown risks, uncertainties, and other factors that\nare difficult to predict and many of which are beyond management's control. An\nextensive list of factors that can affect future results are discussed in\nPAA's Annual Report on Form 10-K, the registration statement as discussed\nherein and other documents filed from time to time with the SEC. PAA\nundertakes no obligation to update or revise any forward-looking statement to\nreflect new information or events.\n\nAbout Plains\nPAA is a publicly traded master limited partnership that owns and operates\nmidstream energy infrastructure and provides logistics services primarily for\ncrude oil. PAA owns an extensive network of pipeline gathering and\ntransportation systems, in addition to terminalling, storage, processing,\nfractionation and other infrastructure assets serving key producing basins,\ntransportation corridors and major market hubs and export outlets in the\nUnited States and Canada.\n\nPAA is headquartered in Houston, Texas.\n\nInvestor Relations Contacts:\nBlake Fernandez \nRoss Hovde\nPlainsIR@plains.com \n(866) 809-1291 \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/4ea44c82-a745-4f12-97bc-6437b9a0389b)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX6BZZRy-20260909","title":"Plains All American Announces Pricing of Public Offering of $1,500,000,000 of Junior Subordinated Notes and Intent to Redeem Series A and Series B Preferred Units","author":"Globe Newswire","ticker":"PAA","created":"2026-09-09T21:41:42.098Z","tickers":["PAA"],"exchange":"NASDAQ","article_body":"HOUSTON, Sept. 09, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P.\n(Nasdaq: PAA) (“PAA”) today announced that it has priced an underwritten\npublic offering (the “Offering”) of $700,000,000 aggregate principal\namount of PAA’s 6.750% Series A Junior Subordinated Notes due 2056 (the\n“Series A Notes”) and $800,000,000 aggregate principal amount of PAA’s\n7.000% Series B Junior Subordinated Notes due 2056 (the “Series B Notes”\nand together with the Series A Notes, the “Notes”), at a price to the\npublic of 100.000% and 100.000% of their face value, respectively. The\ninterest rates on the Series A Notes and the Series B Notes will be subject to\nadjustment on December 15, 2031 and December 15, 2036, respectively (the\n“First Reset Date”), and on each five-year anniversary thereafter. The\nadjusted interest rates will be based on the then applicable Five-Year U. S.\nTreasury Rate plus a spread; provided that the interest rate during such\nperiods will not reset below the initial interest rate of the applicable\nseries of Notes. In addition, the Series A Notes and the Series B Notes will\nbe subject to redemption by PAA during the 90-day period prior to the\napplicable First Reset Date and thereafter on any applicable interest payment\ndate. The Offering is expected to close on September 14, 2026, subject to the\nsatisfaction of customary closing conditions.\n\nPAA intends to use the net proceeds of the Offering, after deducting the\nunderwriter discounts and estimated offering expenses, together with cash on\nhand and commercial paper borrowings, to redeem all of its Series A Preferred\nUnits outstanding on or about September 14, 2026 and all of its Series B\nPreferred Units outstanding on or about October 9, 2026, plus accrued and\nunpaid distributions to, but not including, the applicable redemption date.\nThis press release does not constitute a notice of redemption with respect to\neither of the Series A Preferred Units or the Series B Preferred Units.\n\nJ.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities\nUSA LLC, MUFG Securities Americas Inc. and Truist Securities, Inc. are acting\nas joint book-running managers for the Offering.  The Offering is being made\npursuant to an effective shelf registration statement on Form S-3 previously\nfiled with the U.S. Securities and Exchange Commission (the “SEC”) and may\nonly be made by means of a base prospectus and accompanying prospectus\nsupplement meeting the requirements of Section 10 of the Securities Act of\n1933, as amended, copies of which may be obtained from the underwriters as\nfollows:\n\n J.P. Morgan Securities LLC c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: 212-834-4533 E-mail: prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com  Citigroup Global Markets Inc. c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: 1-800-831-9146 E-mail: prospectus@citi.com  \n Mizuho Securities USA LLC 1271 Avenue of the Americas New York, NY 10020 Telephone: 1-866-271-7403                                                                                                                MUFG Securities Americas Inc. 1221 Avenue of the Americas, 6th Floor New York, NY 10020 Telephone: 1-877-649-6848 E-mail: syndicate@us.sc.mufg.jp                  \n Truist Securities, Inc. 740 Battery Avenue SE, 3rd Floor Atlanta, GA 30339 Telephone: 1- 800-685-4786 E-mail: TruistSecurities.prospectus@Truist.com                                                                                                                                                                                                                                 \n                                                                                                                                                                                                                                                                                                                                                                                      \n\nThis news release does not constitute an offer to sell or a solicitation of an\noffer to buy the securities described herein, nor shall there be any sale of\nthese securities in any state or jurisdiction in which such an offer,\nsolicitation or sale would be unlawful prior to registration or qualification\nunder the securities laws of any such state or jurisdiction.\n\nForward-Looking Statements\nThis news release may include certain statements concerning expectations for\nthe future that are forward-looking statements as defined by federal law,\nincluding without limitation statements regarding the Offering and the\nexpected timing and terms thereof. Such forward-looking statements are subject\nto a variety of known and unknown risks, uncertainties, and other factors that\nare difficult to predict and many of which are beyond management's control. An\nextensive list of factors that can affect future results are discussed in\nPAA's Annual Report on Form 10-K, the registration statement as discussed\nherein and other documents filed from time to time with the SEC. PAA\nundertakes no obligation to update or revise any forward-looking statement to\nreflect new information or events.\n\nAbout Plains\nPAA is a publicly traded master limited partnership that owns and operates\nmidstream energy infrastructure and provides logistics services primarily for\ncrude oil. PAA owns an extensive network of pipeline gathering and\ntransportation systems, in addition to terminalling, storage, processing,\nfractionation and other infrastructure assets serving key producing basins,\ntransportation corridors and major market hubs and export outlets in the\nUnited States and Canada.\n\nPAA is headquartered in Houston, Texas.\n\nInvestor Relations Contacts:\nBlake Fernandez \nRoss Hovde\nPlainsIR@plains.com \n(866) 809-1291 \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/4ea44c82-a745-4f12-97bc-6437b9a0389b)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-09-09T21:41:42.147956069Z","server_sent_at_ms":1788990102147},"received_at":"2026-09-09T21:41:42.233Z","source_url":null},"analysis":{"id":"128585","press_release_id":"139749","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":["Perpetual hybrid notes with 5-year coupon resets (2031/2036): rates step with Treasury yields and cannot reset below the initial 6.750%/7.000% coupons","Preferred unit redemptions are funded partly with cash on hand and commercial paper borrowings, not solely offering proceeds"],"eventType":"debt_offering","narrative":"Plains All American Pipeline (PAA) priced a $1.5 billion public offering of junior subordinated notes — $700 million of 6.750% Series A notes and $800 million of 7.000% Series B notes, both due 2056 and priced at 100.000% of face value — with closing expected September 14, 2026.\n\nNet proceeds, together with cash on hand and commercial paper borrowings, will fund redemption of all outstanding Series A Preferred Units on or about September 14, 2026 and all Series B Preferred Units on or about October 9, 2026, plus accrued distributions.\n\nBoth series carry five-year rate resets keyed to the five-year U.S. Treasury rate plus a spread — December 2031 for Series A and December 2036 for Series B — with coupons floored at the initial rates; J.P. Morgan, Citigroup, Mizuho, MUFG and Truist are joint book-runners.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"PAA swaps preferred units for $1.5B of perpetual hybrids at 6.75-7.00% — income-investor-relevant capital structure cleanup, but routine."},"keyFigures":{"customDimensions":{"pricing":"100.000% of face value","maturity_year":2056,"expected_close":"September 14, 2026","series_a_coupon":"6.750%","series_b_coupon":"7.000%","series_a_notes_principal":700000000,"series_b_notes_principal":800000000,"first_reset_date_series_a":"December 15, 2031","first_reset_date_series_b":"December 15, 2036","series_a_preferred_redemption":"on or about September 14, 2026","series_b_preferred_redemption":"on or about October 9, 2026"}},"namedEntities":{"people":[{"name":"Blake Fernandez","role":"Investor Relations contact"},{"name":"Ross Hovde","role":"Investor Relations contact"}],"products":["6.750% Series A Junior Subordinated Notes due 2056","7.000% Series B Junior Subordinated Notes due 2056","Series A Preferred Units","Series B Preferred Units"],"companies":[{"name":"Plains All American Pipeline, L.P.","ticker":"PAA","relationship":"issuer/filer"},{"name":"J.P. Morgan Securities LLC","relationship":"joint book-running manager"},{"name":"Citigroup Global Markets Inc.","relationship":"joint book-running manager"},{"name":"Mizuho Securities USA LLC","relationship":"joint book-running manager"},{"name":"MUFG Securities Americas Inc.","relationship":"joint book-running manager"},{"name":"Truist Securities, Inc.","relationship":"joint book-running manager"}],"dollarAmounts":[{"amount":"$1,500,000,000","context":"aggregate public offering of junior subordinated notes"},{"amount":"$700,000,000","context":"Series A Junior Subordinated Notes principal amount"},{"amount":"$800,000,000","context":"Series B Junior Subordinated Notes principal amount"}]},"materialImpact":{"score":2,"reasoning":"Routine $1.5B junior subordinated notes offering used to redeem existing Series A and Series B preferred units — standard capital-structure management with no change to common units outstanding and no new project funding disclosed."},"tickerRelevance":{"others":[],"primary":"PAA"},"globalImportance":30,"audienceRelevance":40,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"large-cap MLP, well-known income vehicle","eventGravity":"hybrid debt refinancing of preferred units","equityDilution":false,"routineFinancing":true,"householdBrandBoost":"moderate"}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Plains All American Pipeline (PAA) priced a $1.5 billion public offering of junior subordinated notes — $700 million of 6.750% Series A notes and $800 million of 7.000% Series B notes, both due 2056 and priced at 100.000% of face value — with closing expected September 14, 2026.\n\nNet proceeds, together with cash on hand and commercial paper borrowings, will fund redemption of all outstanding Series A Preferred Units on or about September 14, 2026 and all Series B Preferred Units on or about October 9, 2026, plus accrued distributions.\n\nBoth series carry five-year rate resets keyed to the five-year U.S. Treasury rate plus a spread — December 2031 for Series A and December 2036 for Series B — with coupons floored at the initial rates; J.P. Morgan, Citigroup, Mizuho, MUFG and Truist are joint book-runners.","key_figures":{"customDimensions":{"pricing":"100.000% of face value","maturity_year":2056,"expected_close":"September 14, 2026","series_a_coupon":"6.750%","series_b_coupon":"7.000%","series_a_notes_principal":700000000,"series_b_notes_principal":800000000,"first_reset_date_series_a":"December 15, 2031","first_reset_date_series_b":"December 15, 2036","series_a_preferred_redemption":"on or about September 14, 2026","series_b_preferred_redemption":"on or about October 9, 2026"}},"named_entities":{"people":[{"name":"Blake Fernandez","role":"Investor Relations contact"},{"name":"Ross Hovde","role":"Investor Relations contact"}],"products":["6.750% Series A Junior Subordinated Notes due 2056","7.000% Series B Junior Subordinated Notes due 2056","Series A Preferred Units","Series B Preferred Units"],"companies":[{"name":"Plains All American Pipeline, L.P.","ticker":"PAA","relationship":"issuer/filer"},{"name":"J.P. Morgan Securities LLC","relationship":"joint book-running manager"},{"name":"Citigroup Global Markets Inc.","relationship":"joint book-running manager"},{"name":"Mizuho Securities USA LLC","relationship":"joint book-running manager"},{"name":"MUFG Securities Americas Inc.","relationship":"joint book-running manager"},{"name":"Truist Securities, Inc.","relationship":"joint book-running manager"}],"dollarAmounts":[{"amount":"$1,500,000,000","context":"aggregate public offering of junior subordinated notes"},{"amount":"$700,000,000","context":"Series A Junior Subordinated Notes principal amount"},{"amount":"$800,000,000","context":"Series B Junior Subordinated Notes principal amount"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-09T21:42:18.630Z","global_importance":30,"audience_relevance":40,"importance_components":{"tickerTier":"large-cap MLP, well-known income vehicle","eventGravity":"hybrid debt refinancing of preferred units","equityDilution":false,"routineFinancing":true,"householdBrandBoost":"moderate"}},"durationMs":null,"modelName":"glm-5.3-flash"}}