Plains All American Pipeline priced a public offering of $1.5 billion of junior subordinated notes in two series and said it intends to redeem all outstanding Series A and Series B Preferred Units using the proceeds and other funds. The offering comprises $700 million of 6.750% Series A Notes due 2056 and $800 million of 7.000% Series B Notes due 2056, each priced at 100.000% of face value. PAA expects the offering to close on September 14, 2026, with the Series A and Series B Preferred Unit redemptions planned for around September 14 and October 9, 2026, respectively, including accrued and unpaid distributions.