Plains All American Pipeline Launches Offering of Series A & B Junior Subordinated Notes Due 2056

Offering Overview

Plains All American Pipeline, L.P. (NYSE: PAA) filed a preliminary prospectus supplement (Form 424B5) under Registration No. 333-281967 for an offering of fixed-to-fixed reset rate junior subordinated notes in two tranches:

1. Series A Junior Subordinated Notes due 2056:

   • Fixed interest rate until December 15, 2031, resetting every 5 years thereafter based on the Five-year U.S. Treasury Rate plus a spread (subject to a floor equal to the initial fixed rate).
   • Maturity Date: December 15, 2056.

2. Series B Junior Subordinated Notes due 2056:

   • Fixed interest rate until December 15, 2036, resetting every 5 years thereafter based on the Five-year U.S. Treasury Rate plus a spread (subject to a floor equal to the initial fixed rate).
   • Maturity Date: December 15, 2056.

Key Terms and Features

• Ranking: Unsecured and subordinate in right of payment to all existing and future Senior Indebtedness of the partnership.
• Interest Deferral: PAA retains the option to defer interest payments for one or more periods of up to 20 consecutive semi-annual interest payment periods, provided no event of default has occurred and is continuing.
• Guarantees: None of PAA's subsidiaries will guarantee the notes.
• Listing: PAA does not intend to list either series of the notes on any securities exchange.
• Joint Book-Running Managers: J.P. Morgan, Citigroup, Mizuho, MUFG, and Truist Securities.