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AI brief of an SEC Form 8-K · PLAINS GP HOLDINGS LP (PAGP)

PAGP unit PAA completes $1.5 billion junior subordinated notes offering due 2056

Mixed Impact 3 of 5 financing Written later

On September 14, 2026, Plains All American Pipeline, L.P. (PAA), a wholly owned subsidiary of PAGP, 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, rank junior to PAA's existing and future senior debt, and are not guaranteed by PAA's subsidiaries. The filing also provides unaudited pro forma 2025 results that show revenue slightly higher but per-share net income from continuing operations lower than reported, reflecting the EPIC Crude Holdings acquisitions.

Key points

  • Series A: $700 million, 6.750% junior subordinated notes due December 15, 2056; interest first payable June 15, 2027.
  • Series B: $800 million, 7.000% junior subordinated notes due December 15, 2056; rates may reset on December 15, 2036 and every five years after.
  • Pro forma 2025 revenue of $44,464 million versus $44,262 million historical; net income per Class A share of $0.68 versus $0.77 historical.
  • Underwriters were J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Truist Securities, Inc.

The filing

CompanyPLAINS GP HOLDINGS LP (PAGP)
Form8-K, current report
Filed with the SECSep 14, 2026, 5:08 PM ET
Accession number0001104659-26-107550

Items reported: 1.01 Material Definitive Agreement2.02 Results of Operations2.03 New Direct Financial Obligation8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 8:38 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.