---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-107550"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2026-09-14T21:08:25+00:00"
generated_at: "2026-09-14T21:10:23.257534+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001104659-26-107550
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2026-09-14T21:08:25+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.02, 8.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000110465926107550/0001104659-26-107550-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000110465926107550/tm2625147d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-107550
- JSON: https://secwatch.observer/filing/0001104659-26-107550.json
- Plain text: https://secwatch.observer/filing/0001104659-26-107550.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.