Plains All American prices $750 million senior notes offering

Plains All American Pipeline, L.P. (NASDAQ: PAA) and its wholly owned subsidiary PAA Finance Corp. priced an underwritten public offering of $750 million in senior notes on November 10.

The offering consists of $300 million in 4.70% senior notes due 2031 priced at 99.872% of face value and $450 million in 5.60% senior notes due 2036 priced at 100.518% of face value. These represent additional issuances of notes originally issued on September 8, 2025, with $700 million and $550 million in aggregate principal amounts, respectively.

The offering is expected to close on November 14, 2025, subject to customary closing conditions. PAA plans to use the net proceeds of approximately $747.2 million for general partnership purposes, including potential debt repayment, intra-group lending, capital expenditures, and working capital additions.

Citigroup Global Markets Inc., CIBC World Markets Corp., RBC Capital Markets, LLC, and SMBC Nikko Securities America, Inc. serve as joint book-running managers for the offering.

The notes are being offered under an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.

Plains All American Pipeline operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids. The Houston-based master limited partnership owns pipeline gathering and transportation systems, terminals, storage facilities, and processing infrastructure across the United States and Canada, handling over 9 million barrels per day of crude oil and natural gas liquids on average.

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