Plains All American prices USD 1.5 billion junior subordinated notes due 2056
PAA•Plains All American closes $1.5 billion junior subordinated notes offering
Plains All American Pipeline closed a $1.5 billion offering of 6.750% Series A Junior Subordinated Notes due 2056 and 7.000% Series B Junior Subordinated Notes due 2056.
The notes were issued under a subordinated indenture with U.S. Bank Trust Company, National Association as trustee, dated Sept. 14, 2026.
Interest on the notes will be paid June 15 and Dec. 15, beginning June 15, 2027. The rates will reset starting Dec. 15, 2031 for Series A and Dec. 15, 2036 for Series B.
The reset rate is tied to the Five-Year U.S. Treasury Rate plus a spread, with a floor at each series’ initial coupon.
The debt is unsecured and junior to existing and future senior indebtedness, and there are no subsidiary guarantees.
