Plains All American Announces Pricing of Public Offering of $1.25 Billion of Senior Notes

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[{"type":"text","content":"HOUSTON, Sept. 03, 2025 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) today announced that it and PAA Finance Corp., a wholly owned subsidiary of PAA, as co-issuer, have priced an underwritten public offering (the \"Offering\") of $1.25 billion aggregate principal amount of debt securities, consisting of $700 million aggregate principal amount of 4.70% senior unsecured notes due 2031 and $550 million aggregate principal amount of 5.60% senior unsecured notes due 2036, at a price to the public of 99.865% and 99.798% of their face value, respectively. The Offering is expected to close on September 8, 2025, subject to the satisfaction of customary closing conditions. PAA intends to use the proceeds, after the underwriter discounts and our expenses, of approximately $1,236.5 million from the Offering to redeem the 4.65% Senior Notes due October 2025 (the “Redemption”) and to use the remaining net proceeds to fund a portion of the purchase price of the acquisition of a 55% non-operated interest in EPIC Crude Holdings, LP (the “EPIC Acquisition”) and, pending such uses, for general partnership purposes, which may include, among other things, intra-group lending and related transactions, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital. If we do not complete the EPIC Acquisition, we expect to use the portion of the net proceeds from the Offering related thereto for general partnership purposes as described above. The closing of the Offering is not conditioned on the consummation of either the Redemption or the EPIC Acquisition. In addition, the consummation of the Offering is not a condition to the consummation of either the Redemption or the EPIC Acquisition. No assurance can be given that the Redemption or the EPIC Acquisition will ultimately be completed on the terms currently contemplated or at all. BofA Securities, Inc., Barclays Capital Inc., PNC Capital Markets LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the Offering. The Offering is being made pursuant to an effective shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and may only be made by means of a base prospectus and accompanying prospectus supplement meeting the requirements ...

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