Plains All American redeems 20.4M Series A prefs
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Form Type
4
Rhea-AI Filing Summary
PLAINS ALL AMERICAN PIPELINE LP (PAA) reports that director John T. Raymond, through an affiliated entity, disposed of 20,376,259 Series A Convertible Preferred Units on September 14, 2026 via a redemption by the issuer at $28.875 per Preferred Unit, equal to 110% of their $26.25 face value, plus accrued and unpaid distributions; these preferred units, which were previously convertible into common units on a one-for-one basis, were fully redeemed and the reporting person now shows 0 such preferred units held indirectly.
Insider Trade Summary
Disposition: 20,376,259 shares
Disposition
1 txn
Insider
RAYMOND JOHN T
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Series A Convertible Preferred Units F1, F2, F3 | 20,376,259 | $28.875 | $588.36M |
Holdings After Transaction:
Series A Convertible Preferred Units — 0 contracts (Indirect, Through Entity)
Footnotes (3)
- F1. Prior to their redemption by the Issuer on September 14, 2026, the Series A Convertible Preferred Units (the "Preferred Units") were convertible on a one-for-one basis by the holders of such Preferred Units or by the Issuer.
- F2. In accordance with the terms of the Seventh Amended and Restated Agreement of Limited Partnership of the Issuer, dated as of October 10, 2017, the reported securities were redeemed by the Issuer on September 14, 2026 at a price equal to 110% of their face value of $26.25 ($28.875) per Preferred Unit, plus accrued and unpaid distributions to, but not including, the redemption date.
- F3. Prior to their redemption by the Issuer on September 14, 2026, the Series A Convertible Preferred Units were held by EMG Fund IV PAA Holdings, LLC ("EMG"). The Reporting Person is the sole member of EMG Fund IV Management, LLC, the general partner of EMG Fund IV Management, LP, which is the manager of EMG, and therefore he may be deemed to be the beneficial owner of the interests held by EMG.
Key Figures
Series A Preferred Units Disposed: 20,376,259 units
Redemption Price per Preferred Unit: $28.875 per unit
Face Value per Preferred Unit: $26.25 per unit
+3 more
6 metrics
Series A Preferred Units Disposed
20,376,259 units
Redemption and disposition to issuer on September 14, 2026
Redemption Price per Preferred Unit
$28.875 per unit
Redeemed at 110% of $26.25 face value, plus accrued distributions
Face Value per Preferred Unit
$26.25 per unit
Basis for calculating 110% redemption price on September 14, 2026
Conversion Ratio
1.0 common unit per preferred unit
Series A Convertible Preferred Units prior to redemption
Preferred Units Held After Transaction
0 units
Indirect holdings of Series A Convertible Preferred Units following redemption
Redemption Date
September 14, 2026
Date Series A Convertible Preferred Units were redeemed by issuer
Key Terms
Series A Convertible Preferred Units, redemption, face value, beneficial owner, +1 more
5 terms
Series A Convertible Preferred Units financial
"Prior to their redemption by the Issuer on September 14, 2026, the Series A Convertible Preferred Units"
redemption financial
"the reported securities were redeemed by the Issuer on September 14, 2026"
Redemption is when an issuer or holder settles a financial instrument by paying it off or returning it for cash, such as a bond being paid at maturity or a preferred share bought back by the company. It matters to investors because redemption changes when and how they get their money back, can cut off future income from the investment, and affects the issuer’s cash needs—think of it like a loan being paid off early or a store refunding a returned purchase.
face value financial
"redeemed by the Issuer on September 14, 2026 at a price equal to 110% of their face value of $26.25"
Face value is the printed, original value of a financial instrument—what is written on a bond or share certificate as the amount it represents, like the price shown on a ticket. For investors it matters because face value determines the principal amount repaid at maturity and the basis for interest or coupon payments on bonds, and it affects legal and accounting measures for shares even if market price moves above or below that printed number.
beneficial owner financial
"therefore he may be deemed to be the beneficial owner of the interests held by EMG"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
indirect ownership financial
"Prior to their redemption ... the Series A Convertible Preferred Units were held by EMG Fund IV PAA Holdings, LLC"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did PAA disclose for John T. Raymond?
PAA disclosed that an entity associated with director John T. Raymond had 20,376,259 Series A Convertible Preferred Units redeemed by the issuer on September 14, 2026, resulting in zero such preferred units remaining held indirectly.
What price did PAA pay to redeem the Series A Convertible Preferred Units?
PAA redeemed the Series A Convertible Preferred Units at $28.875 per Preferred Unit, which equals 110% of their $26.25 face value, plus accrued and unpaid distributions to, but not including, the redemption date.
How many PAA Series A Convertible Preferred Units were involved in this Form 4?
The filing reports the redemption and disposition to the issuer of 20,376,259 Series A Convertible Preferred Units, all of which were previously held indirectly through EMG Fund IV PAA Holdings, LLC.
Were the PAA Series A preferred units convertible into common units before redemption?
Yes. Before their redemption on September 14, 2026, the Series A Convertible Preferred Units were convertible on a one-for-one basis into common units by the holders or by the issuer.
Did this PAA insider transaction occur under a Rule 10b5-1 trading plan?
No. The filing indicates the Rule 10b5-1 checkbox is not selected, and there is no footnote stating that the redemption-related disposition occurred pursuant to a Rule 10b5-1 or other pre-arranged trading plan.
Who actually held the redeemed PAA Series A preferred units?
The Series A Convertible Preferred Units were held by EMG Fund IV PAA Holdings, LLC. John T. Raymond is the sole member of the manager entities of EMG and may be deemed the beneficial owner of EMG’s interests.
AI-generated analysis. How Rhea-AI works. Not financial advice.
