PAA 424B5: Secondary offering
Filed with the SEC on · accession 0001104659-26-106152
PAA filed a 424B5 (prospectus (offering)) with the SEC on Sep 9, 2026. Plains All American Pipeline, L.P. is offering two series of junior subordinated notes due 2056: Series A (fixed-to-floating rate, first reset December 2031) and Series B (fixed-to-floating rate, first reset December 2036).
Summary of the filing
Plains All American Pipeline, L.P. is offering two series of junior subordinated notes due 2056: Series A (fixed-to-floating rate, first reset December 2031) and Series B (fixed-to-floating rate, first reset December 2036). The offering size and pricing terms are not yet finalized.
Key details
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What did PAA file with the SEC on Sep 9, 2026?
PAA filed a 424B5 (Secondary offering). Plains All American Pipeline, L.P. is offering two series of junior subordinated notes due 2056: Series A (fixed-to-floating rate, first reset December 2031) and Series B (fixed-to-floating rate, first reset December 2036). The offering size and pricing terms are not yet finalized.
What does a secondary offering mean for PAA stock?
New shares dilute existing holders and are often sold at a discount to the market price.
How do I read a 424B5?
The final terms of an offering of shares or bonds. Look at price, number of shares and the discount to the market price. Large offerings dilute existing shareholders.
Why are SEC filings important?
Public companies must tell the SEC about anything that can change their value — results, leadership changes, big deals, new shares, bankruptcy. Filings are the official source, often before the news. A 424B5 (prospectus (offering)): The final terms of an offering of shares or bonds.
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