Every 424B that Plains All Amer (PAA) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow PAA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PAA filings page.
Plains All American Pipeline, L.P. (PAA) plans a primary debt offering of two series of fixed-to-fixed reset rate junior subordinated notes due December 15, 2056, designated Series A and Series B. Both series are unsecured and contractually subordinated to all existing and future Senior Indebtedness and structurally subordinated to all liabilities of subsidiaries, with no subsidiary guarantees.
The notes pay semi-annual interest on June 15 and December 15, starting June 15, 2027, with an initial fixed rate that later resets every five years based on the Five-year U.S. Treasury Rate plus a spread, subject to a floor equal to the initial rate. PAA may, so long as no event of default has occurred and is continuing, defer interest for up to 20 consecutive semi-annual periods (up to ten years) per series, during which interest (and deferred interest) continues to compound, and certain distributions and junior payments are restricted.
PAA expects to use the net proceeds, together with cash on hand and commercial paper borrowings, to redeem all 58,411,908 outstanding Series A Preferred Units at 110% of par $26.25 per unit and all 800,000 outstanding Series B Preferred Units at 100% of par $1,000 per unit, plus accrued and unpaid distributions. The notes are not subject to mandatory redemption or sinking fund provisions, are expected to settle on a T+ cycle, and will not be listed on any securities exchange, which may limit trading liquidity.
Plains All American Pipeline, L.P. and PAA Finance Corp. are issuing $750 million of senior unsecured notes, split between $300 million of 4.700% notes due 2031 and $450 million of 5.600% notes due 2036. These are additional issuances to existing series first issued on September 8, 2025; after this offering, each series will have $1 billion outstanding.
The notes pay interest semi‑annually on January 15 and July 15, beginning January 15, 2026, and may be redeemed at make‑whole prices before their respective par call dates (December 15, 2030 for 2031 notes; October 15, 2035 for 2036 notes) and at 100% thereafter. There is no planned exchange listing.
Pricing resulted in gross proceeds of $299.6 million for the 2031 tranche and $452.3 million for the 2036 tranche, with net proceeds of approximately $744.8 million. The partnership intends to use the proceeds for general purposes, including debt repayment, intra‑group lending, capital expenditures and working capital. The notes rank equally with other senior unsecured debt and are effectively junior to secured debt, including approximately $1.1 billion outstanding under the EPIC Term Loan as of November 1, 2025.
Plains All American Pipeline, L.P. and PAA Finance Corp. plan an add-on public offering of senior unsecured notes: 4.700% notes due 2031 and 5.600% notes due 2036. These securities will be fungible with, and trade interchangeably with, the issuers’ existing notes of the same series first issued on September 8, 2025.
The notes pay interest semi-annually on January 15 and July 15, beginning January 15, 2026, with interest accruing from September 8, 2025. Maturities are January 15, 2031 and January 15, 2036. The issuers may redeem at a make‑whole price prior to the par call dates (December 15, 2030 for the 2031 notes; October 15, 2035 for the 2036 notes) and at par thereafter, plus accrued interest.
The notes rank equally with other senior unsecured debt and are effectively junior to secured debt and structurally junior to subsidiary obligations, including borrowings under the EPIC Credit Agreement, which had approximately $1.1 billion outstanding under the EPIC Term Loan as of November 1, 2025. The issuers do not intend to list the notes. Net proceeds will be used for general partnership purposes, which may include debt repayment and working capital. Context: earlier issuances total $700 million (2031) and $550 million (2036); commercial paper outstanding was approximately $1.719 billion at a 4.19% weighted average rate as of November 7, 2025.