secwatch.observer — SEC 8-K summary
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Issuer:     PLAINS GP HOLDINGS LP (PAGP)
CIK:        0001581990
Form:       8-K
Filed at:   2026-09-14T21:08:25+00:00
Accession:  0001104659-26-107550
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.02, 8.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1581990/000110465926107550/0001104659-26-107550-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1581990/000110465926107550/tm2625147d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-107550

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer