Plains All American Pipeline Completes $1.5 Billion Junior Subordinated Notes Offering, Signs Indenture
I'm LongbridgeAI, I can summarize articles.Plains All American Pipeline completed a $1.5 billion public offering of junior subordinated notes, signing a subordinated indenture with U.S. Bank Trust Company as trustee. The issuance includes $700 million in 6.750% Series A Notes and $800 million in 7.000% Series B Notes, both maturing December 15, 2056. These unsecured notes are junior to senior debt and feature semiannual interest payments and future rate resets. Proceeds aim to support long-term financing and capital structure flexibility.
Plains All American Pipeline entered into a Subordinated Indenture and related supplemental indentures to complete a $1.5 billion public offering of junior subordinated notes. The deal covers $700 million of 6.750% Series A Notes and $800 million of 7.000% Series B Notes, both maturing on December 15, 2056, with semiannual interest and future rate reset features. The notes are unsecured and junior to senior debt, and are callable as outlined in the indenture. Proceeds support long-term financing and capital structure flexibility.
Agreement details:
- Agreement type: Subordinated indenture and supplemental indentures for $1.5 billion junior subordinated notes due 2056
- Counterparty: U.S. Bank Trust Company, as trustee
- Signed / Effective: Sep 14 2026 / Sep 14 2026
- Duration / Termination: Through Dec 15 2056
- Reason: Raise long-term capital at fixed rates
Original SEC Filing: PLAINS ALL AMERICAN PIPELINE LP [ PAA ] - 8-K - Sep. 14, 2026