---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-002210"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2025-01-10T23:59:59+00:00"
generated_at: "2026-05-28T04:26:44.989815+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Plains All American announces $670M bolt-on acquisitions, $330M preferred buyback, 20% distribution hike

## Summary
- Three bolt-on acquisitions for ~$670M net: Ironwood Midstream ($475M, closes Q1 2025), Medallion Midstream ($105M net), Midway Pipeline ($90M).
- Purchase of ~12.7M Series A Preferred Units (18% of outstanding) at $26.25/unit for ~$330M from EnCap Flatrock; closes late Jan 2025.
- Quarterly distribution increased 20% to $0.38/unit from $0.3175, annualized increase of $0.25/unit.
- Leverage ratio expected at or below low-end of 3.25x-3.75x target range after transactions.

## SEC filing metadata
- accession: 0001104659-25-002210
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2025-01-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000110465925002210/0001104659-25-002210-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000110465925002210/tm252840d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-002210
- JSON: https://secwatch.observer/filing/0001104659-25-002210.json
- Plain text: https://secwatch.observer/filing/0001104659-25-002210.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.