Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 243

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 243
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million, plus accrued and unpaid distributions through January 30, 2025 of approximately $10 million.The following table details distributions paid to PAA’s Series A preferred unitholders during the years presented (in millions, except unit data):Series A Preferred UnitholdersYearCash DistributionDistribution per Unit2024$175 $2.46 2023$166 $2.34 2022$149 $2.10 On February 14, 2025, PAA paid a cash distribution of $36 million to its Series A preferred unitholders outstanding as of January 31,2025. At December 31, 2024, such amount was accrued as distributions payable in “Other current liabilities” on our Consolidated Balance Sheet.PAA Series B Preferred Unit Distributions. The initial distribution rate for the Series B preferred units from and including October 10, 2017 to, but not including, November 15, 2022 was 6.125% per year of the liquidation preference per unit (equal to $61.25 per unit per year). From November 15, 2022 through August 14, 2023, distributions on the Series B preferred units accumulated for each distribution period at a percentage of the liquidation preference equal to the applicable three-month LIBOR plus a spread of 4.11% per annum. Beginning August 15, 2023, distributions on the Series B preferred units accumulate based on the applicable three-month SOFR, plus a credit spread adjustment of 0.26161%, plus 4.11% per annum. The following table details distributions paid to PAA’s Series B preferred unitholders during the years presented (in millions, except unit data):Series B Preferred UnitholdersYearCash DistributionDistribution per Unit2024$79 $98.14 2023$75 $93.43 2022$49 $61.25 On February 18, 2025, PAA paid a cash distribution of $18 million ($22.73 per unit) to its Series B preferred unitholders. At December 31, 2024, approximately $9 million of accrued distributions payable to PAA’s Series B preferred unitholders was included in “Other current liabilities” on our Consolidated Balance Sheet.PAA Common Unit Distributions. After making distributions to its outstanding preferred units, PAA distributes the remainder of its available cash within 45 days following the end