PAA raises $1.5B junior sub notes; pro forma 2025 EPS drops to $0.68

PLAINS GP HOLDINGS LP

$700M 6.750% Series A and $800M 7.000% Series B junior sub notes due 2056, maturing Dec 15, 2056.
Pro forma 2025 net income attributable to PAGP $135M vs $152M historical; EPS $0.68 vs $0.77.
Pro forma reflects 100% of EPIC Crude Holdings (Cactus III) with incremental interest ~$94M and D&A ~$102M.
Notes are unsecured, subordinated to senior debt, no subsidiary guarantees; first reset dates 2031/2036.

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