Director John T. Raymond Discloses $588.4M Preferred Unit Redemption in Plains All American Pipeline LP

Executive Summary

On September 16, 2026, Plains All American Pipeline LP ($PAA) filed a Form 4 disclosing that Director John T. Raymond disposed of 20,376,259 Series A Convertible Preferred Units via an issuer redemption on September 14, 2026. The transaction totaled approximately $588.36 million at a redemption price of $28.875 per unit.

Key Transaction Highlights

• Insider: John T. Raymond, Director
• Security: Series A Convertible Preferred Units (convertible 1:1 into Common Units)
• Nature of Ownership: Indirect through EMG Fund IV PAA Holdings, LLC
• Volume & Consideration: 20,376,259 preferred units redeemed at $28.875 each, totaling $588,364,478.63
• Post-Transaction Holdings: 0 preferred units remaining in this entity vehicle
• Terms of Redemption: The redemption was executed in accordance with the Seventh Amended and Restated Agreement of Limited Partnership at 110% of face value ($26.25 per unit), plus accrued and unpaid distributions.

Market & Strategic Impact

This transaction reflects a planned structural redemption of high-cost preferred equity by Plains All American Pipeline LP rather than discretionary open-market insider selling. The retirement of these 20.38 million convertible preferred units eliminates potential common equity dilution and ongoing preferred distribution obligations, optimizing the partnership's capital structure.