Plains All American completes $1.5B junior subordinated notes offering

PLAINS ALL AMERICAN PIPELINE LP

$700M 6.750% Series A and $800M 7.000% Series B junior sub notes, both due Dec 15, 2056.
Interest payable semi-annually Jun 15/Dec 15, starting Jun 15, 2027; rates reset after 2031/2036 with five-year resets.
Notes unsecured, junior to senior debt; no subsidiary guarantees; redeemable at par in 90-day window before first reset.
Underwriters: J.P. Morgan, Citigroup, Mizuho, MUFG, Truist; U.S. Bank Trust Company as trustee.

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