Plains All American prices $1.25 billion senior notes offering

Plains All American Pipeline (NASDAQ: PAA) priced a $1.25 billion public offering of senior unsecured notes on September 3, 2025. The offering consists of $700 million of 4.70% notes due 2031 priced at 99.865% of face value and $550 million of 5.60% notes due 2036 priced at 99.798% of face value.

The offering is expected to close on September 8, 2025, subject to customary closing conditions. PAA and its wholly owned subsidiary PAA Finance Corp. serve as co-issuers for the debt securities.

The company plans to use approximately $1.236.5 million in net proceeds to redeem its 4.65% senior notes due October 2025 and fund a portion of its acquisition of a 55% non-operated interest in EPIC Crude Holdings, LP. Any remaining proceeds will be used for general partnership purposes, including intra-group lending, debt repayment, acquisitions, capital expenditures and working capital additions.

The closing of the offering is not contingent on completing either the redemption or the EPIC acquisition. Similarly, neither the redemption nor the EPIC acquisition requires the completion of this offering. The company noted that no assurance can be given that either transaction will be completed as currently planned.

BofA Securities, Barclays Capital, PNC Capital Markets, TD Securities (USA) and Wells Fargo Securities are serving as joint book-running managers for the offering.

The offering is being conducted under an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.

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