PAA prices $1.5B junior subordinated notes; redeems all preferred units

PLAINS ALL AMERICAN PIPELINE LP

Priced $700M 6.75% Series A and $800M 7.00% Series B junior sub notes due 2056.
Proceeds to redeem all 58.4M Series A preferred units at $28.875/unit (110% of par) and 800k Series B at $1,000/unit.
Redemptions expected Sept 14 (Series A) and Oct 9 (Series B) 2026; offering closes Sept 14.
Net proceeds plus cash on hand and commercial paper fund the redemptions.

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