Plains All American Pipeline, L.P. has successfully executed a public offering, raising $1.25 billion through the issuance of debt securities. The offering includes $700 million in 4.700% Senior Notes due in 2031 and $550 million in 5.600% Senior Notes due in 2036. The notes, which are senior unsecured obligations, will rank equally with the company's existing and future senior debt, but will be subordinate to secured debt. Provisions within the indenture restrict certain financial actions by Plains, such as entering into sale and leaseback transactions or incurring liens, though exceptions exist. The notes provide flexibility for Plains in managing its debt, with options for redemption prior to maturity and stipulations for early repayment in the event of default, including payment failures or bankruptcy events.