PLAINS ALL AMERICAN PIPELINE LP (PAA): debt financing — Plains All American enters $1.1B term loan, terminates $1.1B EPIC credit facility

PLAINS ALL AMERICAN PIPELINE LP

On Nov 26, 2025, PAA entered a $1.1B senior unsecured term loan due in two years; interest rate SOFR+1.125% initially, rising to SOFR+1.250% after one year.
On Dec 1, 2025, PAA terminated the EPIC Credit Agreement and repaid all ~$1.1B outstanding under the EPIC Term Loan; EPIC revolver was undrawn.
Term loan is prepayable without penalty; mandatory prepayment triggered by closing of the Canadian NGL sale to Keyera Corp. (announced June 2025).
Financial covenant: Consolidated Leverage Ratio ≤5.00x (5.50x during acquisition period); customary covenants and events of default apply.
Proceeds used to refinance EPIC indebtedness; funded prior to Dec 2, 2025.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PLAINS ALL AMERICAN PIPELINE LP incurred term loan of $1.1 billion with PNC Bank, National Association at Term SOFR or the Base Rate, in each case, plus an applicable rate maturing the two-year anniversary of the closing date.

Instrument: term loan
Principal: $1.1 billion
Counterparty: PNC Bank, National Association
Rate: Term SOFR or the Base Rate, in each case, plus an applicable rate
Maturity: the two-year anniversary of the closing date
Event: incurrence

Exact text from the filing

as borrower, PNC Bank, National Association, as administrative agent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion senior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature on the two-year anniversary of the closing date. PAA may at

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PLAINS ALL AMERICAN PIPELINE LP filing history →

Source: SEC EDGAR

accession 0001104659-25-118133

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