PAA sells $700 million and $800 million of junior subordinated notes due 2056
Plains All American Pipeline completed a public offering of $700 million of 6.750% Series A notes and $800 million of 7.000% Series B notes, both due December 15, 2056. The notes are unsecured and rank junior to PAA's existing and future senior debt, so holders would be paid after senior creditors, and no subsidiaries guarantee them. The filing shows the company is adding $1.5 billion in debt-like obligations, with interest rates that can reset in 2031 and 2036, subject to a floor at the initial rate.
Key points
- Series A: $700 million, 6.750% coupon, due December 15, 2056; rate can adjust December 15, 2031 and every five years after.
- Series B: $800 million, 7.000% coupon, due December 15, 2056; rate can adjust December 15, 2036 and every five years after.
- Interest is payable June 15 and December 15, starting June 15, 2027; rates cannot reset below the initial rate.
- Underwriting agreement dated September 9, 2026 with J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and others; notes sold under a Form S-3 shelf filed September 6, 2024.
The filing
Written by AI on Nov 9, 2026, 8:29 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 14, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.